Public Services and Utility Group (PSEG) has reached agreement with the New Jersey Board of Public Utilities (BPU) on plans to invest almost US$500 million in new solar capacity in the US state.
Under the agreement, which has still to be finally approved by BPU, PSEG will spend US$247 million on developing 42MW of new solar capacity on brownfield and landfill sites and 3MW in smaller pilot projects.
PSEG also plans to spend US$199 million on up to 97.5MW of new capacity under one of its other solar investment programmes, Solar Loan III.
The agreement also speeds up the spending period for the proposed investment from the originally envisaged five years to three.
New Jersey BPU is expected to reach a decision on the proposal by the end of May.