ET Solar, Geenex start building 20-MW solar farm in N Carolina
Aug 12, 2014 - The US unit of China's major modules maker and project developer ET Solar and US solar energy developer Geenex have started building a 20-MW solar plant in North Carolina.
Funding for the project has been raised by ET Solar’s recently set up financing solutions provider ET Capital, the company said in a statement today.
The plant, with a capacity of 30 MW in direct current (DC), is being built on a former airport in Halifax County. It will use almost 100,000 modules installed on a 220-acre (89 ha) land plot. Once completed, the solar park will be sold to the renewables arm of Duke Energy Corp (NYSE:DUK).
Local utility Dominion North Carolina Power has already agreed to buy the plant’s output for a period of 15 years.
ET Solar has repositioned itself since 2008 as a solutions provider and project developer rather than a panel and module maker. It offers modules that are manufactured at its US facility in San Jose, California. The company plans to develop solar farms of a total 300 MW this year, up from 130 MW in 2013, CEO Dennis She told Shanghai Daily in April. It intends to raise USD 250 million (EUR 187m) with an initial public offering (IPO) in the USA in 2015 for its project-development unit.