Chevron in Solar

It’s interesting to see Chevron venturing into the solar market since none of the oil companies (as far as I know) seem to be interested in investing in this area.

Chevron’s announcement came in this Tuesday stating that its sister company Chevron Technology Ventures (CTV) will build a one megawatt concentrating photovoltaic solar facility on the tailing site of Chevron Mining Inc.’s molybdenum mine in Questa, New Mexico. About 175 solar panels will be used on 20 acres of the Questa Mine’s tailings site.

The electricity produced will be sold to Kit Carson Electric Cooperative through a power purchase agreement. Project construction is scheduled to begin in spring 2010 and conclude by year-end.

CTV will install concentrating photovoltaic technology that uses lenses to collect and focus direct sunlight onto layers of high efficiency cells. The company says this technology works best in areas which have higher direct solar radiation such as New Mexico.

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