This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PSEG Solar Source To Purchase And Begin Construction Of 15 MW Solar Project - Will Be Largest Solar Farm In Delaware

Stocks in this article: PEG

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

About PSEG:

Public Service Enterprise Group (PSEG) (NYSE: PEG)  is a publicly traded diversified energy company with annual revenues of more than $11 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSEG Solar Source LLC is a wholly owned subsidiary of PSEG Global.  It was formed to develop, construct, own and operate large-scale solar facilities outside of the PSE&G's regulated service area.

Want to know what's new at PSEG? Go to www.pseg.com/getnews and sign up to have our press releases sent right to your inbox.

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 (1MW and larger) solar energy generation facilities in North America. To date JSI has successfully built large-scale solar projects in Arizona, Florida, Nevada, New Jersey, North Carolina, Ohio and Texas.  JSI is majority-owned by juwi Holding AG of Germany. With over 600 employees worldwide, juwi's solar group has built more than 1,500 solar photovoltaic installations globally, totaling more than 1GW of operating capacity.   

Forward-Looking StatementsThe statements contained in this communication about us 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.

SOURCE PSEG Solar Source

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs