BayWa r.e., a subsidiary of Munich-based BayWa, has sold two North Carolina solar facilities totalling 47MW to PSEG Solar for US$74.6 million.
The two projects, known as the PSEG Cork Oak Solar Energy Centre and the PSEG Sunflower Solar Energy Centre, are both under construction with operation scheduled for later this year. They will use Trina Solar modules and SMA inverters.
Power generated from the facilities will be sold to Virginia Electric and Power Co. under a 10-year PPA. BayWa r.e. was the EPC for both porjects and will continue to operate the facilities once online.
“It's a pleasure to work with a top-notch organization like BayWa r.e. on these projects, which will provide North Carolina with more safe, clean and reliable energy,” said Diana Drysdale, president of PSEG Solar Source. “These are important transactions for us, as we continue to expand our solar portfolio across the country.”
The projects are the second and third PSEG Solar has developed in collaboration with the German firm.
“BayWa r.e. is delighted to complete another transaction with PSEG Solar Source. We look forward to growing our relationship with PSEG Solar Source over the coming months and years,” said Jam Attari, CEO of BayWa r.e. Solar Projects.
This latest 47MW addition to the PSEG portfolio marks 226MW in operation and a further 70MW under construction. Most recently, PSEG acquired a 10.5MW PV project from Obsidian Renewables.