Satcon Technology (SATC) Solstice Product Selected For 63MW Solar Plant In Puerto Rico

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08:19:59 am on October 12, 2010

Satcon Technology (SATC) is surging in pre-market trading on news the CIRO One 63MW solar plant to be built in Puerto Rico will use 126 of Satcon’s Solstice 500kW power harvesting and management solution.  The technology increases the overall energy yield of solar installations by 5 – 12% and reduces system material costs by 20 – 25% compared to a centralized inverter system.  Construction of the plant is expected to begin this month.  No word on the financials of the deal, but traders clearly like the news sending the stock up 7% in pre-market trading right up to the $4 level which it hit yesterday before pulling back.

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“The CIRO One Solar PV plant is a significant accomplishment in both its size and sophistication,” said Steve Rhoades, Satcon’s President and Chief Executive Officer. “The value of Satcon Solstice is in its ability to take very large installations, like CIRO’s, and to divide them up into less than 3 kilowatt (kW) increments, which enables tailored design flexibility to address the variable geographical constraints and the challenges associated with such terrain, generating significant performance improvements through fine-grained energy harvest. The result is a highly optimized utility-scale power plant that has higher reliability and higher power production levels, all of which can be viewed and controlled by the utility just as they manage all other power plant assets on their grid network.”

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