PSEG’s acquisition of these two projects represents a total investment of approximately US$65 million. Image: PSEG
PSEG Solar Source has purchased a pair of North Carolina PV projects that are being developed by BayWa r.e.
Construction began back in February 2019 on Five Forks Solar, which will be a 25.9MW facility when completed, and North Halifax Solar, which will be a 26.9MW facility. Both installations are expected to become operational by the fourth quarter of 2019.
PSEG’s acquisition of these two projects represents a total investment of approximately US$65 million.
The Five Forks project is located in Warren County, about 60 miles northeast of Raleigh, while the North Halifax project is located in Halifax County, about 80 miles northeast of Raleigh. Each site has a 10-year power purchase agreement with Virginia Electric Power Co.
These are also the fifth and sixth PV projects that PSEG Solar Source has been involved in with BayWa r.e, who will run the engineering, procurement and construction duties for both sites. Once both projects go into service, BayWa will also provide operation and maintenance services. Once completed, the two projects will have a combined 153,000 solar panels installed.
Jam Attari, CEO of BayWa r.e. Solar Projects, said: "BayWa r.e. is proud of our continued relationship with PSEG in announcing these transactions. PSEG has been a leader in renewables investment and commitment to greening the PJM grid and our partnership continues to grow. As a global renewable energy company, we're committed to delivering best-in-class projects that leave a positive footprint in the community, and provide a sustainable return on investment to key stakeholders and partners."
Following the successful launch of Energy Storage Summit USA, we are pleased to announce its return for a 2nd year. Renowned for its quality, breadth and expertise, this event features an all-encompassing range of strategic and technical sessions on the adoption and deployment of storage. Key market drivers such as the falling price of lithium-ion batteries, investment in electric vehicle infrastructure, FERC Order 841, government incentives, grid modernization, transition from dependency on the networks to a desire for autonomy and intermittent renewable sources, all add to an exciting time for the Energy Storage value chain.
Intersolar North America is the first major solar + energy storage event of the year that connects innovators and decision makers. With a dynamic exhibition floor and robust conference program, #isna2020 provides business-to-business professionals a platform to advance business, expand education, and drive networking. Immerse yourself in three days of best-in-class conference programming and special exhibits and pavilions that showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets: Join us February 4-6, 2020 at the San Diego Convention Center in San Diego, California.