Merit SI LLC and KOMIPO America Inc. inked a joint development agreement on Feb. 12 to complete the development and construction of the 150 MW Concho Valley Solar project located in Tom Green County, Texas.
Concho Valley Solar will deploy Merit SI’s advanced power plant controls platform, capable of enabling intermittent renewable power plants to generate incremental revenue by providing reliability services to the power grid. The Merit SI power plant controls system is currently managing 500 MW of solar power plants on the ERCOT grid.
“We are pleased to partner with KOMIPO America on Concho Valley Solar, a project which will bring customers in the ERCOT market emissions free, on-peak power at great value for many years to come,” Richard Gruber, chief commercial officer at Merit SI, said.
KOMIPO America Inc. is the U.S. subsidiary of Korea Midland Power Co. Ltd., one of the major power companies in Korea, which is also actively doing business globally.
Merit SI LLC is a developer of advanced utility-scale and industrial renewable energy projects, as well as next generation power plant controls, with offices in Houston, TX and Annandale, NJ. Turner Renewable Energy, a subsidiary of Turner Enterprises in Atlanta, GA, is lead investor in Merit SI.
“We are pleased to partner with the experienced and talented team at Merit SI, which has a history of developing, engineering and executing innovative, high performing, utility-scale solar power plants since 2007. Concho Valley Solar will support KOMIPO’s long-term plan to expand in the U.S. renewable energy market,” Brian Jeon, KOMIPO America vice president, said.
Analysts said the most core projects will move forward, while shorter-cycle developments will see the most dramatic investment cuts.
Oil and gas producer Cairn Energy on March 27 reduced investment plans by about a fifth, following the fall of oil prices to less than $30 per barrel.
Aker BP, 30% owned by BP, said on March 23 it would cut its planned 2020 capital spending by 20% but kept its production guidance unchanged.