PSEG acquires two solar projects from BayWa r.e. in North Carolina
Post date: 14/03/2019 - 20:04
US energy company Public Service Enterprise Group (PSEG) through its subsidiary PSEG Solar Source announced it has purchased two North Carolina solar farms being developed by BayWa r.e. Solar Projects LLC, part of German BayWa AG. Construction began last month on »Five Forks Solar«, which will be a 25.9 MW facility when completed, and »North Halifax Solar«, which will be a 26.9 MW facility. Both facilities are expected to go into service during the fourth quarter of 2019. The acquisition represents a total investment of approximately $65 million.
The »Five Forks« project is located in Warren County, about 60 miles northeast of Raleigh. The »North Halifax« project is located in Halifax County, about 80 miles northeast of Raleigh. Each project has a 10-year power purchase agreement with Virginia Electric Power Co.
More than 75,000 monocrystalline solar panels will be installed at the Five Forks facility, while the North Halifax facility will require the installation of approximately 78,000 solar panels. The panels will be mounted on single-axis tracking systems.
These are the fifth and sixth solar projects that PSEG Solar Source has undertaken with BayWa r.e., who will oversee the engineering, procurement and construction for the projects and also provide operational and maintenance services when the solar farms go into service. According to the company, this latest purchase will bring the PSEG Solar Source portfolio to 25 utility-scale solar facilities located in 14 states, including eight in North Carolina. Those facilities have a total capacity of 414 MW in operation, with these two projects adding 53 MW in construction.