PSEG Solar Source, a subsidiary of PSEG Power, announced that it has acquired a 25.9MW PV facility from Ecoplexus for an investment of over US$40 million.
The project, set to be called the PSEG Meadows Solar Energy Centre, is located in Martin County, North Carolina — about 80 miles east of Raleigh. The installation has a 15-year power purchase agreement with Virginia Electric and Power Company, a subsidiary of Dominion Resources. It sits on an area of 42 hectares under a 35-year lease with a private landowner.
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Diana Drysdale, president of PSEG Solar Source, said: “We are pleased to extend our portfolio into North Carolina and be able to provide enough clean, reliable energy to power 3,800 North Carolina homes. The PSEG Meadows Solar Energy Center is another example of utility-scale solar becoming increasingly cost-competitive with other sources of energy and one step closer to providing a sustainable future for all.”
Ecoplexus is the engineering, procurement and construction (EPC) contractor at the site and will operate the project for PSEG Solar Source once it is completed. Construction has already started, with commercial operations expected to commence within the next several months. The project will be comprised of around 152,000 Solar Frontier thin-film solar panels with tier-1 inverters.
John Gorman, CEO of Ecoplexus, said: “With this partnership, we look forward to bringing online a generation facility that will provide cost-effective solar power. Together with PSEG, we are pleased to provide the benefits of solar energy to Virginia Electric and Power Company's customers.”