NEWARK, N.J., Sept. 24, 2012 /PRNewswire/ -- PSEG Solar Source announced today that it has completed the acquisition of a 15 MW DC (12 MW AC) solar project in Milford, Delaware, from juwi solar Inc. (JSI). Under separate agreements, JSI will engineer, procure, and oversee construction of the facility as well as perform operation and maintenance services for the project. Construction of the project will begin this month.
The project has a power purchase agreement for energy and solar renewable energy credits with Delaware Municipal Electric Corporation. The project will be owned by PSEG Solar Source, a subsidiary of PSEG, a diversified energy company based in New Jersey. Upon completion, the PSEG Milford Solar Farm will be largest solar farm in the state of Delaware.
The PSEG Milford Solar Farm is expected to be completed in the 4th quarter of 2012. The $50 million project will be located on 80 acres of land in Kent County, Delaware and will create approximately 100 jobs during construction.
"We welcome PSEG Solar Source to Delaware, creating jobs and clean energy for our state," said Governor Jack Markell. "Through the innovative partnership between DEMEC, the Town of Milford, and PSEG, the Milford Solar Farm joins more than 30 megawatts of other solar installations in Delaware, making our state a national leader in solar deployment per capita." "As the cost of solar power continues to decline, Delaware is emerging as a leader in the adoption of clean energy systems, improvement of air quality, and creation of local installation jobs," said DNREC Secretary Collin O'Mara. "The PSEG Milford Solar Farm will be among the largest solar projects on the East Coast and will help prove that we can have cleaner and less costly energy at the same time.""PSEG Solar Source is pleased to be constructing a solar farm in Delaware," said Diana Drysdale, president of PSEG Solar Source. "We continue to invest in projects where we provide clean, emissions-free solar energy to help meet solar and renewable targets and with supportive local and state policies. The Milford project fits the bill." "We are proud to have closed our fifth solar project transaction with PSEG Solar Source and to have expanded into a new market in the United States." said Michael Martin, CEO of juwi solar Inc. "Our development efforts for the Milford project have been a great success, and we now look forward to building and operating a solar project in the state of Delaware." This is the fifth solar project built by JSI for PSEG Solar Source. It currently owns:
- The PSEG Queen Creek Solar Farm – a 25.0 MW DC solar farm in Queen Creek Arizona
- The PSEG Wyandot Solar Farm - a 12.0 MW DC solar farm in Wyandot, Ohio. At completion it was the largest solar farm in Ohio
- PSEG Jacksonville Solar Farm - a 15.0 MW DC solar farm on 100 acres in Jacksonville, Florida, at completion it was the second largest solar farm in Florida
- The PSEG Mars Solar Garden - a 2.2 MW DC facility located adjacent to the Mars Snackfood's US headquarters in New Jersey
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV