PSEG Solar Source today announced it has purchased two North Carolina solar farms being developed by BayWa r.e. Construction began last month on Five Forks Solar, which will be a 25.9MW-dc facility when completed, and North Halifax Solar, which will be a 26.9MW-dc facility. Both facilities are expected to go into service during the fourth quarter of 2019. The acquisition represents a total investment of approximately $65 million.
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. These are the fifth and sixth solar projects that PSEG Solar Source has undertaken with BayWa r.e., who will oversee the engineering, procurement and construction for the projects and also provide operational and maintenance services when the solar farms go into service.
"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."
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.
"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."