Dominion Plans to Acquire Additional California Solar Project
-Company now developing 159 megawatts of renewable solar in California
-Acquisition will bring total solar portfolio to 232 megawatts in production or under construction
-Project has 20-year power purchase agreement
RICHMOND, Va., June 19, 2014 /PRNewswire/ -- Dominion (NYSE: D) announced an agreement to acquire a 20-megawatt solar project from EDF Renewable Energy, one of North America's largest independent power producers and renewable energy project developers. The acquisition is expected to close later this year prior to the project commencing operations.
The solar facility, called the CID solar project, is located in King's County, California near the City of Corcoran. The project has secured a 20-year Power Purchase Agreement (PPA) as well as the interconnection agreement and the engineering, procurement, construction (EPC) contract.
"California leads the nation in solar generation and the experience and knowledge we gather there will serve us well as we expand our solar portfolio into other areas," said David A. Christian, chief executive officer for Dominion Generation. "This project fits well within our portfolio of regulated and long-term contracted assets."
The project is expected to qualify for the Federal Investment Tax Credit and support Dominion's growth plan.
In April, Dominion announced the purchase of six other solar projects in California, totaling 139 megawatts. Those projects are currently under construction and are expected to be operational by late 2014.
The acquisition will bring Dominion's total solar generating portfolio to 232 megawatts. Along with the 159 megawatts for the California projects, the company recently obtained two Tennessee projects that will generate 32 megawatts and has 41 megawatts of solar energy facilities operating at sites in Georgia, Connecticut and Indiana. The company also has various projects under development in Virginia as part of its Solar Partnership Program.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 23,600 megawatts of generation, 10,900 miles of natural gas transmission, gathering and storage pipeline and 6,400 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 947 billion cubic feet of storage capacity and serves utility and retail energy customers in 10 states. For more information about Dominion, visit www.dom.com.
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