PSEG Solar Source, a subsidiary of PSEG Power, has purchased two North Carolina solar farms being developed by BayWa r.e.
Construction began last month on Five Forks Solar, totaling 25.9 MW, and North Halifax Solar, totaling 26.9 MW.
Both facilities are expected to go into service during the fourth quarter of this year. The acquisition represents a total investment of approximately $65 million.
The Five Forks project is located in Warren County, located about 60 miles northeast of Raleigh. The North Halifax project is located in Halifax County, located about 80 miles northeast of Raleigh. Each project has a 10-year power purchase agreement with Virginia Electric Power Co.
These are the fifth and sixth solar projects that PSEG Solar Source has undertaken with BayWa r.e., which will oversee engineering, procurement and construction, as well as provide operations and maintenance when the solar farms go into service.
This latest purchase will bring PSEG Solar Source’s portfolio to 25 utility-scale solar facilities in 14 states, including eight in North Carolina.
“We continue to pursue projects that will grow our renewable energy business,” says Sarah Hetznecker, president of PSEG Solar Source.