New Projects - Renewables

PSEG unit acquiring two Carolina solar farms for $65M

The deal includes the 25.9 MW-dc Five Forks Solar and 26.9 MW-dc North Halifax solar, both expected to go into service during the fourth quarter.

The solar wing of New Jersey-based utility holding company Public Service Enterprise Group has acquired two North Carolina farms totaling 52.8 MW when they are completed.

PSEG Solar Source is spending $65 million to purchase the two projects under construction and developed by BayWa r.e. The deal includes the 25.9 MW-dc Five Forks Solar and 26.9 MW-dc North Halifax solar.

Both facilities are expected to go into service during the fourth quarter.

“This project is another great opportunity for us to partner with BayWa r.e. They are a first-class developer,” said Sarah Hetznecker, president of PSEG Solar Source. “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.”

The Five Forks project is located in Warren County, N.C., about 60 miles northeast of Raleigh, N.C. The North Halifax project is located in Halifax County, N.C., about 80 miles northeast of Raleigh. Each project has a 10-year power purchase agreement with Virginia Electric Power Co.

PSEG Solar Source is a subsidiary of utility PSEG Power, a merchant power generator and itself a subsidiary of Public Service Enterprise Group. Five Forks and North Halifax are the fifth and sixth solar projects that PSEG Solar Source has undertaken with BayWa r.e, which will oversee the engineering, procurement and construction phase, while also providing operations and maintenance support when they go into service.

“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,” said Jam Attari, CEO of BayWa r.e. Solar Projects LLC. “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.”

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 that follow the sun’s path to optimize generation.

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-dc in operation, with these two projects adding 53 MW-dc in construction.

 

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