Courtesy of Benzinga.
PSEG Solar Source announced today that it will acquire a 12.9 megawatt (MWdc) solar energy facility near Waldorf, MD from juwi solar (JSI). The project was originally developed by JSI and has a 20-year power purchase agreement with Southern Maryland Electric Cooperative (SMECO).
Public Service Enterprise Group (PEG) is a publicly traded diversified energy company with annual revenues of $10 billion. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Long Island. For more information visit www.pseg.com.
The facility, to be called the PSEG Waldorf Solar Energy Center, is located 22 miles Southeast of Washington, DC. The acquisition will increase the capacity of PSEG Solar Source’s portfolio to 123 MWdc.
“With this, our eleventh utility scale solar facility, we are pleased to be providing safe, clean reliable energy to the residents of southern Maryland,” said Diana Drysdale, president of PSEG Solar Source. “We now have 10 plants in operation and one plant in construction across nine states and are continuing to focus our efforts on expanding our solar portfolio across the country.”
JSI is the engineering, procurement and construction contractor for the project and will operate the project for PSEG Solar Source upon completion. Construction is expected to begin in early 2015, with the facility going into service before June 2015. The facility will use approximately 40,000, 315-watt, solar panels.
“We are pleased to work together with PSEG to realize another solar power plant on the East Coast,” said Mike Martin, JSI’s President and CEO. “Our plan is to break ground before the end of the year, and we look forward to bringing on-line a generation facility that will provide cost-effective solar power to SMECO.”
This is PSEG Solar Source’s eleventh project in nine states. Its other projects are located in Arizona, California, Delaware, Florida, Ohio, Texas, Vermont and New Jersey.
Posted-In: News M&A Press Releases
