July 17, 2009
REDCO Signs Power Purchase Agreement with Needles, California
July 17, 2009, Salt Lake City, UT – On June 9, 2009, the Needles City Council and the Needles Public Utility Authority (NPUA) unanimously approved and executed a twenty year Power Purchase Agreement (PPA) with Renewable Energy Development Corporation (REDCO). Pursuant to the PPA, REDCO will develop and operate a 5-megawatt solar thermal power plant in Needles to provide the city with the power and the Renewable Energy Certificates.
Needles voted to move forward with the PPA in part to satisfy the California Renewables Portfolio Standard (RPS), a mandate that requires minimum 10% of all power procurements come from a renewable source by 2010. The California RPS begins at 10% and is set to increase 2.5% per year until 33% of all power produced in California comes from renewable sources. The City of Needles is led by progressive thinkers determined to harness the sun’s power to produce energy without generating any pollution and to stimulate their local economy.
Needles Mayor Jeff Williams said, “We are excited about the REDCO solar project in our city. By signing the PPA, Needles has accomplished two key objectives. First, we are providing a hedge against future increases in energy costs. Second, we are acting responsibly for the community by utilizing renewable energy. Needles, California is and will continue to be a great place for solar development.”
REDCO will purchase the 5-megawatts of solar thermal equipment, including turbines, from International Automated Systems (IAUS) an innovative developer of solar technologies. REDCO has hired Ralph L. Wadsworth Company to serve as general contractor to construct the project. Petersen, Inc will handle IAUS's manufacturing and in-field assembly of IAUS's solar equipment for the Needles project.
Ryan Davies, President & CEO of REDCO said, “I applaud Needles for their decision to pursue this solar project. I am confident that the project will serve as a shining example of responsible energy development. We are excited to build this power plant and to work with the City of Needles.”
REDCO has big plans for Needles and will be investing heavily in the community. The company is already in the planning stages of a 49-megawatt solar project in Needles and plans to add an additional 150-200 megawatts over the next 3-5 years; REDCO is currently in discussions with several potential power purchasers for these projects. REDCO plans to utilize the IAUS solar thermal technology on all of its planned solar projects in Needles.
About REDCO – REDCO is a privately held company with offices in Utah. For more information, visit their website at: www.renewdevco.com.
About IAUS – IAUS.PK is a publicly traded company with offices in Utah. For more information, visit their website at: www.iaus.com.
Note: Statements contained in this release that are not strictly historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are made based upon information available to the company at the time, and the company assumes no obligation to update or revise such forward-looking statements. Editors and investors are cautioned that such forward-looking statements invoke risk and uncertainties that may cause the company's actual results to differ materially from such forward-looking statements.