Wednesday, Aug. 24, 2011 | 4:36 p.m.
A major solar project in Boulder City is getting a new owner, but city officials say the switch won’t affect the project’s timeline.
Taihan Techren, a Korean-based power company, is selling its controlling stake in the 2,200-acre solar field in El Dorado Valley to another Korean company, POSCO Power.
City Manger Vickie Mayes said little else in the project, which is scheduled to be finished in 2014, will change.
“The project managers on the ground will be the same,” she said. “I don’t see that this will speed up the process nor do I see that it will hinder the process.”
She said the 300-megawatt project is being paced to finish around the same time as a new transmission line that will carry power from the valley to California.
The Boulder City Council approved the lease transfer last night, and also altered the boundaries of the land in the agreement to avoid possible conflicts with the Bureau of Land Management, which has land interests in the area.
The 54-year lease will net the city payments of $1.6 million each of the next two years, and recurring rent payments of more than $3 million for each year for the remainder of the agreement.
The lease was signed in December of 2009.
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