PSEG Acquires Sixth North Carolina Solar Farm

Solarkollektoren an einem sonnigen Tag (Symbolbild). © querbeet / iStock / Getty Images Plus / Getty Images http://www.gettyimages.de

PR Newswire

NEWARK, N.J., Feb. 8, 2018

NEWARK, N.J., Feb. 8, 2018 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 7 MW-dc solar energy facility from BayWa r.e. representing an investment of about $10 million. The PSEG Halifax Solar Energy Center began operations Dec. 21, 2017.

Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Long Island.

The PSEG Halifax Solar Energy Center has a 15-year power purchase agreement with Virginia Electric and Power Co. The facility occupies 28 acres that are under a 25-year lease with the Halifax-Northampton Regional Airport, located in Halifax, N.C., about 80 miles northeast of Raleigh, N.C.

"We are delighted to work with BayWa r.e. on this project, a best-in-class partner," said Diana Drysdale, president of PSEG Solar Source. "We continue to focus on expanding our renewable energy business and this acquisition is another example of PSEG's commitment to a sustainable energy future."

BayWa r.e. was the project's engineering, procurement and construction contractor and now operates the facility for PSEG Solar Source. The facility will use approximately 20,550 mono-crystalline solar panels with three SMA inverters. The project was initiated by Geenex Solar, a developer based in Charlotte, N.C.

PSEG Solar Source completed the acquisition of the project from BayWa r.e. on Dec. 13, 2017.

"BayWa r.e. is extremely pleased with the continuing partnership with PSEG and move to a better answer for the sustainable electrification of our grid," said Jam Attari, CEO of BayWa r.e. Solar Projects. "This world class facility could not have been completed without the tireless support and involvement from the Northampton County community and our partner Geenex."

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With this purchase, PSEG Solar Source now has 23 utility-scale solar facilities in operation in 14 states, including six in North Carolina. Solar Source has a total installed capacity of 414 MWs DC.

About PSEG Solar Source:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).

Visit PSEG at:
www.pseg.com
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PSEG blog, Energize!

Forward-Looking Statements
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on its website: http://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

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SOURCE PSEG Solar Source

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