Earlier this year, Con Edison Development and Panda Power Funds signed an agreement that would see the two companies collaborating on solar projects in the Northeast. Their vision has come to fruition with the ground breaking ceremony of the Pilesgrove, New Jersey, solar farm, which is to be one of the largest solar projects in the U.S.
According to Reuters, the 20MW solar project in New Jersey will cost between US$85 – $90 million to construct and is expected to start commercial operation by spring. Joining executives from both companies were state and city government officials to help commemorate the start of construction on the 71,400-panel solar farm.
“Thanks to an intelligent partnership between government and the private sector, New Jersey has become the tip of the sword in the green-energy economy,” said Todd Carter, president and managing partner of Panda Power Funds. “Garden-state legislators have incentivized us to create jobs with free-market mechanisms — not costly government subsidies, grants or cumbersome loan guarantees. We’re very pleased to be here and to work with a company that has the breadth of experience and resources as Con Edison Development.”
As specified in the agreement signed in April, both Con Edison and Panda Power Funds will be equal partners in the joint venture with Panda Power managing the projects development, engineering and construction. Con Edison will oversee the operation, maintenance and financing of the facilities and handle the marketing for the energy produced by the solar project.