Greenwood Energy has completed the purchase of approximately 2 MW of solar projects to be located in Wilmington, Del. The ‘Peninsula’ projects were originally developed by Tangent Energy Solutions Inc.
Greenwood Energy says the two 1 MW projects are already under construction and expected to reach commercial operation by October. Greenwood Energy's joint venture partner Greenwood Biosar is taking over the build under an engineering, procurement and construction (EPC) contract.
The Peninsula solar installations are being built on approximately seven acres of brownfield land. Delmarva Power & Light Co. (DPL) will purchase the generated electricity through the utility's co-generation and small power production tariff. DPL will also purchase 100% of the solar renewable energy credits created by the projects under a 20-year contract.
‘The Peninsula projects represent an excellent investment opportunity for Greenwood Energy and combine the strengths of our power and EPC teams into one unified program,’ says Greenwood Energy Chief Financial Officer Douglas Johnsen.