Solar 3 Energy, a US-based renewable energy consortium that has a $2.5 billion investment from the US Department of Energy and a portfolio of more than 60 energy companies, has emerged as the winner of the Solar Energy Capacity Auction 2020.
Solar 3, based in Boulder, Colorado, and owned by US solar energy giant SunEdison, has been awarded the $2 billion contract to build and operate 1,100 MW of solar PV power plants.
Solar Energy Infrastructure Corporation, which will manage the renewable energy projects, will also receive the contract.
Solar 3 Energy said it will use the cash to support the development of a global solar PV energy portfolio.
The company said it expects to deliver a net-zero net-emissions of electricity and generate up to $2,000 per megawatt hour (MWh) of electricity in 2020.
The bid for the contracts will be judged by an independent panel of the U.S. Department of Commerce and the International Energy Agency.
The IEA will select a winner from the four-nation consortium and then provide a decision by March 31, 2021.
The winning consortium is a consortium of global firms that includes companies from Germany, Australia, China and South Korea.
The winning consortium will also have the opportunity to enter into commercial contracts with companies in other regions.
Solar energy projects are considered the most cost-effective and environmentally friendly alternatives to fossil fuels and will reduce greenhouse gas emissions in the U