Argan subsidiary to build California plants
By
Associated Press
July 28, 2008
|
Energy plant designer and builder Argan Inc. said Monday it received a $210 million contract to design and build eight peaking power plants in southern California.
Argan's Gemma Power System unit received a limited notice to proceed from CPV Sentinel, which has a power purchase agreement with Southern California Edison.
The first phase of the Gemma Power project, which includes construction of five simple cycle peaking plants, is expected to be completed in the summer of 2010. Three additional plants are expected to be finished by April 2011.
Peaking plants run during times of high demand.
Shares of Argan were down $1, or 6 percent, to $15.50 in afternoon trading.
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