NEWARK, N.J., Nov. 4, 2016 /PRNewswire/ -- PSEG Solar Source today announced it has acquired a 16.8 MW-dc solar energy facility from Ecoplexus Inc. The PSEG Turkey Creek Solar Energy Center is located in Northampton County, N.C. about 95 miles northeast of Raleigh.
The PSEG Turkey Creek Solar Energy Center has a power purchase agreement with Virginia Electric and Power Company. It sits on approximately 75 acres under a 35-year lease with a private landowner. This is the second project in which PSEG Solar Source and Ecoplexus have been partners. The two companies collaborated on the PSEG Meadows Solar Center in Martin County, N.C. which went online in June.
"We are delighted to work with a top-flight developer like Ecoplexus as we continue to grow our business and expand our solar portfolio across the country," said Diana Drysdale, President of PSEG Solar Source. "This purchase is another example of PSEG's commitment to providing a sustainable energy future. When operational, this facility will power 2,400 homes."
Ecoplexus is the engineering, procurement and construction contractor and will operate the project for PSEG Solar Source upon completion. Construction is underway and commercial operations are expected to begin later this year. The facility will use approximately 50,000 mono-crystalline Trina Solar panels with Power Electronics inverters.
"Ecoplexus is very pleased to build upon its successful partnership with PSEG in bringing new clean energy online for the state of North Carolina," said John Gorman, CEO of Ecoplexus. "The Turkey Creek project will create approximately 185 construction jobs in addition to adding to the tax base of Northhampton County community."
PSEG Solar Source now has 19 utility-scale projects in 13 states. The company currently has 215 MW-dc in operation with another 128 MW-dc in construction and on schedule to be operational by the end of the year.
Ecoplexus has developed and completed 67 projects totaling more than 200 MW, across California, North Carolina, Colorado, Georgia and Japan.
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 $10.4 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).
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey-based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About Ecoplexus Inc.
Ecoplexus develops and operates utility scale solar PV projects for the wholesale and retail market in the U.S., and internationally. The Company has constructed and financed over sixty projects to date, representing approximately $350 million in project value. Customers include eight major utilities including PG&E, Duke, Progress, Xcel Energy, and Georgia Power and approximately fifteen municipalities in the US, as well as major International utilities.
With a large construction and development pipeline of over 1 GW in the U.S., Japan, Latin America and Turkey, representing over $750 million in project value, Ecoplexus is actively developing or buying renewable energy assets at every stage. The Company also provides operation and maintenance (O&M) services for investor/owners for approximately 55 projects. For more information about Ecoplexus, please visit www.ecoplexus.com.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate website at http://investor.pseg.com. Investors and other interested parties are encouraged to visit the corporate website to review new postings. The "Email Alerts" link at http://investor.pseg.com may be used to enroll to receive automatic email alerts and/or Really Simple Syndication (RSS) feeds regarding new postings.
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained 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 our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pseg-solar-source-acquires-168-mw-solar-project-from-ecoplexus-300357583.html
SOURCE PSEG Solar Source