Lincoln Renewable Energy (LRE) has finalized the sale and project finance deal with Macquarie Energy worth US$41 million. The agreement sees Macquarie Energy enter a long-term purchase agreement for power and renewable energy credits from LRE’s New Jersey-based 10MW Oak Solar PV project. LRE will remain the long-term owner of the facility, while Macquarie Energy provides construction finance and term debt for Oak Solar.
The 10MW project should begin construction in June and reach completion by December. LRE and the Ryan Company, a subsidiary of Quanta Services, have signed an agreement to provide engineering, procurement and construction services for the project with Quanta managing the operation and maintenance of Oak Solar upon completion.
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LRE CEO Declan Flanagan commented, “This highly innovative project clearly demonstrates that when the right policies are in place, even in the current difficult economy, investment will flow to create much-needed energy infrastructure. The result is not just clean energy, but employment and a major boost to the local tax base.”
“LRE has moved the Oak Solar project from site identification through permitting, financing and into construction in under 18 months. This rapid deployment needs to be replicated across the United States and the formula is simple: With the right policies at state and federal levels, companies such as LRE will do the rest,” concluded Flanagan.
The New Jersey solar project is set to be built in Fairfield Township and utilize over 55,000 solar panels across the 100-acre site. The project will connect to Atlantic City Electric’s distribution system and, as LRE states, upon completion will be the largest non-utility owned solar project east of the Mississippi.
