Public Service Enterprise Buys 6.6-MW Solar Energy Facility
Zacks Investment Research | Nov 22, 2016 06:23AM ET
PSEG Solar Source, a unit of Public Service Enterprise Group Inc. (NYSE:PEG) , or PSEG, has purchased a 6.6 megawatt-dc (“MW dc”) solar facility from BayWa r.e. Solar Projects for $12.2 million.
About the Facility
Located in Northampton County, NC, about 90 miles northeast of Raleigh, the PSEG Hemlock Solar Energy Center is currently under construction and scheduled to start commercial operations by 2016 end. It is situated on an area of 48 acres under a 35-year lease with a private landowner. The facility has a 15-year power purchase agreement with Virginia Electric and Power Co. a subsidiary of Dominion Resources (NYSE:D) .
The engineering, procurement and construction contractor of the facility is BayWa r.e. Once complete, it will operate the project for PSEG Solar Source. It will be powered by around 20,500 poly-crystalline Trina Solar Ltd. (NYSE:TSL) panels with SMA inverters.
About PSEG Solar Source
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which forms part of the PSEG family of companies. Currently, it has 20 utility-scale projects across 13 states. The company has 215 MW-dc in operation and 135 MW-dc under construction and scheduled begin operations by 2016 end.
PSEG Solar Source has two other solar facilities in North Carolina − the PSEG Turkey Creek Solar Center, which is under construction in Northampton County; and the PSEG Meadows Solar Center in Martin County, which commenced operations this June.
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