Zentric Purchases Two 800 kW Solar Farms
As profits continue to remain elusive amongst solar manufacturers, project sales seem to be on the rise as battery technology innovator Zentric (ZNTR :OTCBB) stated today they are purchasing Innovative Solar I, LLC and Innovative Solar II, LLC for an undisclosed amount. Each plant is expected to produce 800 kilowatts (kW) of power.
Located in the Ashville, North Carolina area, Innovative Solar I, LLC and Innovative Solar II, LLC will each be located on 5 acres of leased land. Zentric estimates each solar plant will cost approximately $4 million to build.
For Innovative Solar Systems, the seller of the projects, the sale appears to be a slam dunk for their solar energy investment business. Aside from gaining approvals for the project, it appears they have done very little else to move the project forward.
According to their blog, Innovative Solar Systems has received proposals for solar panels but have not chosen a vendor. And it also appears they have not signed a power purchase agreement for the power to be generated.
While relatively new to the solar industry, Zentric is quickly making a name for itself. Last month they announced they were working with solar project developer Matinee Energy on a 20 megawatt plant to be built in Benson, Arizona. Instead of choosing local favorite First Solar (FSLR :NASDAQ) to supply the modules, Zentric instead chose a “top 100 solar manufacturer in China”.