Vectren Selects Partner, Announces Location for 50 Megawatts of Renewable Energy in Southwestern Indiana
March 13 2018 - 9:30AM
Business Wire
-Vectren chooses Spencer County for solar
array
Today, Vectren Energy Delivery of Indiana (Vectren) and First
Solar, Inc. (Nasdaq: FSLR) announced that Vectren has selected
First Solar to build the 50-megawatt (MW) solar array outlined last
month as part of Vectren’s long-term electric generation transition
plan.
During the past few months, Vectren has been working with Orion
Renewable Power Resources, LLC, a joint venture between Orion
Renewable Energy Group and MAP® Renewable Energy, to select, secure
and eventually develop the Troy, Ind. property.
The solar array will be situated on approximately 300 acres and
will consist of about 150,000 solar panels. The array will be
mounted on a single-axis tracking system, which enables the panels
to automatically pivot to enhance energy generation as the sun’s
rays move across the surface of the Earth. The facility, which
should be fully operational in the fall of 2020, is expected to
generate enough power to meet the needs of more than 11,000
households per year.
“This significant renewable resource will be connected to our
system to serve our local customers,” said Carl Chapman, chairman,
president and CEO of Vectren. “We are confident First Solar and
Orion are the right partners for this scale of a project, which
will bring one of the largest single-sited solar farms in the
Midwest to southern Indiana.”
Construction will begin after the Indiana Utility Regulatory
Commission authorizes the project; a decision is expected in the
first half 2019. The initial construction phase will require
establishing a sub-station to interconnect with Vectren’s power
grid and will begin immediately upon regulatory approval. The
construction of the solar array will begin in mid-late 2019.
“First Solar’s expertise in design and construction of solar
power plants aligns perfectly with Vectren’s Smart Energy Future
strategy. Using our high performance Series 6 thin film modules and
a plant design approach tailored to utility ownership values, we
will contribute significantly to Vectren’s commitment to deliver
clean, reliable and reasonably-priced energy to its customers,”
said Eran Mahrer, Vice President – Markets, Origination and
Government Affairs for First Solar. “It is exciting to be a part of
enabling utility scale solar in Indiana.”
During construction, the project will provide up to 250 jobs,
many of which will be union labor.
“Orion wishes to thank the landowners, the Spencer County
Council, and the Lincolnland Economic Development Corporation for
their support of the project,” said Tim Lasocki, Vice President,
Origination and Finance for Orion. “We are pleased to be working
with Vectren and First Solar to create a construction-ready project
for utility ownership.”
About Vectren
Vectren Corporation (NYSE: VVC) is an energy holding company
headquartered in Evansville, Ind. Vectren’s energy delivery
subsidiaries provide gas and/or electricity to more than 1 million
customers in adjoining service territories that cover nearly
two-thirds of Indiana and about 20 percent of Ohio, primarily in
the west central area. Vectren’s nonutility subsidiaries and
affiliates currently offer energy-related products and services to
customers throughout the U.S. These include infrastructure services
and energy services. To learn more about Vectren, visit
www.vectren.com.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive
photovoltaic (PV) solar systems which use its advanced module and
system technology. The company’s integrated power plant solutions
deliver an economically attractive alternative to fossil-fuel
electricity generation today. From raw material sourcing through
end-of-life module recycling, First Solar’s renewable energy
systems protect and enhance the environment. For more information
about First Solar, please visit www.firstsolar.com.
About Orion:
Orion Renewable Energy Group LLC, headquartered in Oakland,
California, is a pioneer in the development, finance, construction,
and operation of renewable energy projects throughout the United
States. Our team has developed over 5,000 Megawatts worldwide. For
further information, please visit www.orionrenewables.com.
For First Solar Investors:
This release contains forward-looking statements which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements concerning the
construction of a 50 MW solar array. These forward-looking
statements are often characterized by the use of words such as
“estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,”
“seek,” “believe,” “forecast,” “foresee,” “likely,” “may,”
“should,” “goal,” “target,” “might,” “will,” “could,” “predict,”
“continue” and the negative or plural of these words and other
comparable terminology. Forward-looking statements are only
predictions based on our current expectations and our projections
about future events and therefore speak only as of the date of this
release. You should not place undue reliance on these
forward-looking statements. We undertake no obligation to update
any of these forward-looking statements for any reason, whether as
a result of new information, future developments or otherwise.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ
materially from those expressed or implied by these statements.
These factors include, but are not limited to, the matters
discussed under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Conditions and Results of
Operations” of our most recent Annual Report on Form 10-K and our
subsequently filed Quarterly Reports on Form 10-Q, as supplemented
by our other filings with the Securities and Exchange
Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313005573/en/
Media Contact-Vectren:Natalie Hedde, (812)
491-5105nhedde@vectren.comorMedia Contact-First Solar:Steve Krum,
(602) 427-3359steve.krum@firstsolar.com
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