NEWARK, N.J., Nov. 21, 2016 /PRNewswire/ -- PSEG Solar Source
today announced it has acquired a 6.6 MW-dc solar energy facility
from BayWa r.e. Solar Projects representing an investment of
$12.2 million. The PSEG Hemlock Solar
Energy Center is under construction and scheduled to begin
operations later this year.
The PSEG Hemlock Solar Energy Center has a 15-year power
purchase agreement with Virginia Electric and Power Co. The
facility occupies 48 acres that are under a 35-year lease with a
private landowner and is located in Northampton County, N.C., about 90 miles
northeast of Raleigh.
"We are very pleased to team up with BayWa r.e. on this project,
which will bring more clean energy resources to North Carolina," said Diana Drysdale, president of PSEG Solar Source.
"This acquisition represents another milestone in growing our
business and illustrates PSEG's commitment to providing a
sustainable energy future."
BayWa r.e. is the engineering, procurement and construction
contractor and will operate the project for PSEG Solar Source upon
completion. The facility will use approximately 20,500
poly-crystalline Trina Solar panels
with SMA inverters.
"BayWa r.e. is excited to have partnered with PSEG in the
continuing transformation to a greener and lower cost grid," said
Jam Attari, CEO of BayWa r.e. Solar Projects. "This world class
facility could not have been completed without the tireless support
and involvement from the Northhampton County community and our
partners."
PSEG Solar Source owns two other solar facilities in
North Carolina. The PSEG Turkey
Creek Solar Center is being built about five miles away, also in
Northampton County; the PSEG
Meadows Solar Center is located in Martin
County, N.C., and went online in June.
PSEG Solar Source now has 20 utility-scale projects in 13
states. The company currently has 215 MW-dc in operation with
another 135 MW-dc in construction and on schedule to be operational
by the end of the year.
About PSEG Solar Source:
PSEG Solar Source is
a subsidiary of PSEG Power, a merchant power generation company
which is part of the Public Service Enterprise Group (PSEG) family
of companies. PSEG (NYSE:PEG) is a publicly traded diversified
energy company with annual revenues of $10.4
billion. Its other main subsidiaries are Public Service
Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG
Long Island, which operates the transmission and distribution
assets of the Long Island Power Authority (LIPA).
Disclaimer: PSEG Solar Source LLC is not the same company as
PSE&G, the New Jersey-based
electric and gas utility. PSEG Solar Source is not regulated by the
New Jersey Board of Public
Utilities. You do not have to purchase any PSEG Solar Source
products in order to receive quality regulated services from
PSE&G.
About BayWa r.e.:
BayWa r.e. Solar Projects, a wholly owned subsidiary of BayWa
r.e. GmbH, is responsible for the BayWa group's solar project
business in North America. Founded
in 2009 and based in Munich, BayWa
r.e. acts as a holding company for various business interests in
the areas of solar, wind energy, bio-energy and geothermal energy
globally as part of BayWa AG, a $17
Billion global company founded in 1923.
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate website
at http://investor.pseg.com. Investors and other interested
parties are encouraged to visit the corporate website to review new
postings. The "Email Alerts" link
at http://investor.pseg.com may be used to enroll to
receive automatic email alerts and/or Really Simple Syndication
(RSS) feeds regarding new postings.
Forward-Looking Statement
The statements contained in
this communication about our and our subsidiaries' future
performance, including, without limitation, future revenues,
earnings, strategies, prospects, consequences and all other
statements that are not purely historical, are forward-looking
statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Although we
believe that our expectations are based on information currently
available and on reasonable assumptions, we can give no assurance
they will be achieved. There are a number of risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. A discussion of
some of these risks and uncertainties is contained in our Annual
Report on Form 10-K and subsequent reports on Form 10-Q and Form
8-K filed with the Securities and Exchange Commission (SEC), and
available on our website: http://www.pseg.com. These documents
address in further detail our business, industry issues and other
factors that could cause actual results to differ materially from
those indicated in this communication. In addition, any
forward-looking statements included herein represent our estimates
only as of the date hereof and should not be relied upon as
representing our estimates as of any subsequent date. While we may
elect to update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even if our internal
estimates change, unless otherwise required by applicable
securities laws.
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SOURCE PSEG Solar Source