RAI Energy International acquires interest in 70MW solar project in Florida
RAI Energy International, a renewable energy development company, has acquired an ownership interest in a 70MW solar farm from Hamilton Energy Resource Opportunities (HERO).
This purchase has bolstered the company's solar portfolio in North America.
Currently, the HERO project is advanced development stage in Hamilton County, Florida.
It is expected to become operational in 2019.
RAI now serves as co-developer for the HERO project along with HERO.
HERO managing director and founder Jack Levine said, "We're excited to bring RAI's 75 years of energy sector experience to this project. RAI will help us ensure we can meet growing demand for solar energy in Florida.
"We want to continue to acknowledge the exceptional and ongoing support and assistance of Hamilton County, its Economic Development Authority, County Commissioners, officials and citizens without whom the project's road to completion would not have been possible."
Recently, HERO sought Duke Energy Florida to take up a restudy to ensure the project leverages maximum technological efficiencies currently available.
Following the study results, the construction of the project will commence.
RAI president and CEO Mohammed S. Alrai said: "RAI is encouraged to see more favorable market conditions in the Florida solar energy sector as evidenced by Duke Energy's and Tampa Electric Company's recent announcements to add 700 MW and 600 MW, respectively, of solar energy.
"Now, more than ever, Florida is looking to develop new sources of solar energy. The HERO project is an exciting opportunity to provide Florida customers with clean, reliable and affordable solar generation. We look forward to partnering with HERO and Hamilton County to bring this important new renewable energy project online."