HENDERSON, NV--(Marketwired - September 24, 2015) - Blue Earth, Inc. (BBLU), an alternative/renewable power generation solutions company, announced today that BE Solar, Inc., its wholly owned subsidiary, entered into a Letter of Intent ("LOI") to purchase all of the membership interests in six separate Special Purpose Entities, comprising the 57.1MWp Oregon solar portfolio, from Pacific Northwest Solar, LLC ("PNS") based in Portland, OR. The membership interests of the six Project Companies are 100% owned by PNS.
Although this transaction is subject to several closing conditions, the initial due diligence has been completed.
"We are delighted to have the opportunity to acquire these projects which, upon closing, is expected to be an excellent complement of domestic projects, as we continue to build our solar pipeline," stated G. Robert Powell, CEO of Blue Earth, Inc. "We expect to continue to add quality projects in solar and co-generation as we move forward with our focus on power generation."
Construction of the projects is scheduled to begin in early Q1 of 2016 with an expected COD date in late Q3 of 2016. The offtaker is Idaho Power Company.
"We look forward to continuing to be very active in the Northwest," added Ruben Fontes, President of Blue Earth Solar. "This portfolio represents another important step toward solidifying our presence in this region."
BBLU is engaged in the clean technology industry with a primary focus in alternative/renewable power generation sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and materially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
Forward Looking Statements
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