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."