PSEG Solar Source has acquired a 25.9 MW solar energy facility from Ecoplexus for an investment of more than $40 million. The facility, to be called the PSEG Meadows Solar Energy Center, is located in Martin County, N.C., about 80 miles east of Raleigh.
The project has a 15-year power purchase agreement with Virginia Electric and Power Co. and sits on approximately 105 acres under a 35-year lease with a private landowner.
“We are pleased to extend our portfolio into North Carolina and be able to provide enough clean, reliable energy to power 3,800 North Carolina homes,” says Diana Drysdale, president of PSEG Solar Source. “The PSEG Meadows Solar Energy Center is another example of utility-scale solar becoming increasingly cost-competitive with other sources of energy and one step closer to providing a sustainable future for all.”
Ecoplexus is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is under way, and commercial operations are expected to commence within the next several months. The facility will use approximately 152,000 Solar Frontier thin-film solar panels with Tier 1 inverters.
PSEG Solar Source says this is its 15th utility-scale project in 11 states, and this acquisition will increase the company’s total capacity portfolio to 241 MW.