My name is a Ken Verma and I am CEO of Vermaland. Our company is one of the larger land development companies in Phoenix.
Approximately four years ago we started looking at solar power plant opportunities. We spent approximately $5 million acquiring additional land for solar power plants, going through permit processing, engineering and marketing these properties to solar power plant developers. We have rezoned our lands for solar power plants. This is an expensive and time consuming process.
To date, we have worked with over 25 developers from all over the country and world who are interested in developing solar in Arizona on our lands. We have purchase agreements from these developers for $30 million. Approximately $1 million has been received on these option purchase agreements.
If the solar industry were to gain momentum in Arizona, our company would potentially earn nearly $30 million in revenue from the sales of our land for solar; $30 million in revenue for a local, Arizona company, is very significant.
Imagine the income tax revenue from this and then the solar power developments on these lands shall be worth billions. Imagine the employment and the economic boost it will give to Arizona. Solar is the only bright spot in Arizona economy.
Already, the developers are feeling frustrated with the time it takes to go through the permit process, and APS transmission line capacity studies, and interconnection studies, and then they have to go through the RFP process for APS — and then go through Arizona Corporation Commission.