NEWARK, N.J., Feb. 2, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 26 MW-dc solar energy facility from Ecoplexus for an investment of more than $40 million. The facility, to be called the PSEG Meadows Solar Energy Center, is located in Martin County, North Carolina about 80 miles east of Raleigh.
The PSEG Meadows Solar Energy Center has a 15-year power purchase agreement with Virginia Electric and Power Company, a subsidiary of Dominion Resources. It sits on approximately 105 acres under a 35-year lease with a private landowner.
"We are pleased to extend our portfolio into North Carolina and be able to provide enough clean, reliable energy to power 3,800 North Carolina homes," said Diana Drysdale, president of PSEG Solar Source. "The PSEG Meadows Solar Energy Center is another example of utility-scale solar becoming increasingly cost-competitive with other sources of energy and one step closer to providing a sustainable future for all."
Ecoplexus is the developer of the project, will be the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is underway and commercial operations are expected to commence within the next several months. The facility will use approximately 152,000 Solar Frontier thin film solar panels with tier 1 inverters.
"With this partnership, we look forward to bringing online a generation facility that will provide cost-effective solar power. Together with PSEG, we are pleased to provide the benefits of solar energy to Virginia Electric and Power Company's customers," said John Gorman, CEO of Ecoplexus.
This is PSEG Solar Source's fifteenth utility-scale project in eleven states. Its other projects are located in Arizona, California, Delaware, Florida, Maryland, New Jersey, Ohio, Texas, Utah and Vermont. The acquisition will increase the capacity of PSEG Solar Source's portfolio to 241 MW-dc.
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 approximately $11 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).
About Ecoplexus Inc.
Ecoplexus develops, owns and operates solar PV projects for the utility, and industrial markets in the U.S., Japan, Mexico and Turkey. The Company has developed and financed over fifty projects to date. Customers include major utilities such as PG&E, Duke, Progress, Xcel Energy, PSEG, and Georgia Power and approximately fifteen municipalities in the US.
With greater than 700 MWs between construction and pipeline in the U.S. and Internationally, representing over $850 million in project value, Ecoplexus is actively developing or buying renewable energy assets at every stage. The Company also provides operation and maintenance (O&M) services for investor/owners, including Fortune 500 companies, for approximately 50 projects.
For more information about Ecoplexus, please visit www.ecoplexus.com.