March 15 (Renewables Now) - PSEG Solar Source said on Thursday it has acquired 52.8 MW of under-construction solar projects in North Carolina from German diversified group BayWa AG (ETR:BYW6).
The buyer, a unit of US energy group Public Service Enterprise Group (NYSE:PEG), has taken possession of the 25.9-MW Five Forks and 26.9-MW North Halifax solar schemes for USD 65 million (EUR 57.5m). Construction of the plants, the given capacity of which is in direct current (DC), was initiated in February and commercial operations are scheduled for the last quarter of 2019.
BayWa is in charge of the two projects’ engineering, procurement and construction (EPC) and will also operate and maintain the solar parks, once completed. The Five Forks project in Warren County will use more than 75,000 monocrystalline photovoltaic (PV) panels, while the North Halifax scheme in Halifax County will consist of 78,000 panels. Both plants will be equipped with single-axis tracking systems, with their output to be sold under a 10-year power purchase agreement (PPA) with Virginia Electric Power Co.
The acquisition expands PSEG Solar Source’s portfolio to 414 MW in DC. The company’s president Sarah Hetznecker noted that PSEG Solar continues to pursue projects that will grow its renewable energy business.
(USD 1.0 = EUR 0.885)