Tampa Electric Co., a subsidiary of TECO Energy Inc. (TE) received an approval for its contract to purchase solar power supplied by Energy 5.0’s Florida Solar I project, for a 25-year period beginning in 2011. Florida Public Service Commission (FPSC) approved the contract.

Under the contract, Energy 5.0 will build the 25- megawatt (MW) solar photovoltaic electric generating station on a 350-acre site in Polk County.

The project will include approximately 100,000 silicon-based photovoltaic panels that generate electricity when exposed to sunlight. The 25-MW facility is expected to produce more than 48,000 megawatt-hours of electricity per year – enough output to serve the electric energy needs of
more than 3,400 homes.

Tampa Electric filed a petition with the FPSC in March 2009 for approval to purchase the energy generated by Energy 5.0’s Florida Solar I project. Energy 5.0 was the successful bidder.

Over the 25-year contract term, the project is expected to avoid the emission of more than one million tons of carbon dioxide when compared to a natural gas-fired peaking combustion turbine. This is the equivalent of removing more than 5,000 cars a year from the road for 25 years.

Typical residential customers using 1,000 kilowatt-hours per month of electricity will see their bills increase by approximately 50 cents beginning in 2011.

The company expects the contract to promote the state’s goal of encouraging the production of renewable energy produced by generating facilities in Florida. It would also provide a basis for significant new investment, economic development and job creation in Polk County and in the state, along with reducing the environmental impacts associated with electricity generation.

Zacks Investment Research

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