A Seattle company is set to buy the rights to build a proposed solar power plant in Palmdale for $27.4 million.

The proposed Palmdale Hybrid Power Plant, which was given the green light by the California Energy Commission in 2011, would be acquired from the city by Summit Power Group LLC.

Palmdale approved the project in 2005 and in 2007 spent $18 million to purchase land from Lockheed Martin for the project site. It worked with Newport Beach consulting firm Inland Energy Inc. to secure approval from the Energy Commission and then began exploring a possible sale last year.

Summit, which has built solar, wind and alternative power plants nationwide, would need to spend an estimated $1 billion to construct the Palmdale facility. It is located near Plant 42, a U.S. Air Force facility that is home to major aerospace and defense contractors.

Palmdale Mayor Jim Ledford said the project will bring both jobs and revenue to the Antelope Valley city.

“The sale of the power plant will generate millions of dollars that will be invested back in our community,” he said in a statement. “It will also create up to 600 high paying construction jobs for the project that can take up to 30 months. Once in operation, the power plant will provide up to 35 high paying jobs.”

The City Council is scheduled to vote on the sale at its May 1 meeting.