PSEG Solar Source Ventures into Vermont With Acquisition of Solar Facility from juwi
NEWARK, N.J., July 23, 2014 /PRNewswire/ -- PSEG Solar Source today announced that it will acquire the ERWR Whitcomb Farm Solar project from juwi solar (JSI). The facility, which will now be known as the PSEG Essex Solar Energy Center, has a 25-year power purchase agreement (PPA) with Vermont Electric Power Producers (VEEP), Inc., as part of the Vermont Sustainably Priced Energy Enterprise Development (SPEED) program. During JSI's ownership of the project, it advanced the development work previously performed by Encore Redevelopment, Walden Renewables and Whitcomb-Smith Solar.
The PSEG Essex Solar Energy Center is located roughly 4 miles northeast of Burlington, Vermont and has a nameplate capacity of 3.6MWdc. The acquisition will increase PSEG's Solar Source portfolio to 110 MWdc.
This is PSEG Solar Source's ninth solar project in eight states, including Arizona, California, Delaware, Florida, New Jersey, Ohio and Texas.
"Our solar plants in operation or in development span the United States from Vermont to California and from Ohio to Florida. We are actively working with a number of developers to acquire additional projects to add to our growing portfolio," said Diana Drysdale, president of PSEG Solar Source.
JSI is the engineering, procurement and construction contractor for the project and will operate the facility for PSEG Solar Source upon completion. Construction is expected to begin this month and will be completed later this year. When completed, the facility will feature approximately 12,000 solar photovoltaic panels on a fixed-tilt racking system.
"JSI is proud to build our first solar energy facility in Vermont," noted Michael Martin, president of JSI. "Given its location within the Whitcomb family property, which has continued to be a productive farming operation since its inception in 1867, this project exemplifies the opportunity to complement agricultural land use with renewable energy generation."
About PSEG:
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 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.
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 juwi solar Inc.:
juwi solar Inc. (JSI) is a privately-held solar energy generation company based in Boulder, Colorado. JSI's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date JSI has built large-scale solar projects in Arizona, Delaware, Florida, Nevada, New Jersey, North Carolina, Ohio and Texas, totaling more than 100 MWs of operating capacity. JSI also provides operations, monitoring, and maintenance services customized for each solar facility and to each owner's needs and is currently performing these services for 182 MWs of solar facilities in the United States.
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 Public Service Enterprise Group (PSEG)
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