PSEG Solar Source acquires two North Carolina solar farms
Public Service Enterprise Group’s PSEG Solar Source arm will invest about $65 million to purchase two North Carolina solar farms that are currently being developed by BayWa R.E.
The two solar farms are currently under construction. One is called Five Forks Solar, a 25.9 MW-dc facility in Warren County, N.C, and the North Halifax Solar, a 26.9 MW-dc facility in Halifax County, N.C. Both facilities are expected to be operational in the fourth quarter of 2019. The acquisition represents a total investment of approximately $65 million.
Both of these projects have a 10-year power purchase agreement with Virginia Electric Power Co. These are the fifth and sixth solar projects that PSEG Solar Source has done with BayWa. BayWa will oversee the engineering, procurement and construction of the projects and provide operational and maintenance services when they go into service.
“This project is another great opportunity for us to partner with BayWa R.E. They are a first-class developer,” Sarah Hetznecker, president of PSEG Solar Source, said. “We continue to pursue projects that will grow our renewable energy business. This acquisition is another example of PSEG’s commitment to being a leading clean energy provider.”
About 75,000 solar panels will be installed at the Five Forks facility, while 78,000 will be installed at the North Halifax facility. The panels will be mounted on tracking systems that follow the sun’s path to optimize generation.
“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,” Jam Attari, CEO of BayWa R.E. Solar Projects, said. “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.”
