NEWARK, N.J., Jan. 11, 2012 /PRNewswire/ -- PSEG Solar Source today completed the acquisition of a 25.2 MW DC (19 MW AC) solar project developed by juwi solar Inc. The PSEG Queen Creek Solar Farm is expected to begin construction in January 2012 and be completed in the 3rd quarter of 2012. The project will be located on 158 acres of land approximately 30 miles southeast of Phoenix, Arizona. PSEG Solar Source paid approximately $75 million for the project.
The PSEG Queen Creek Solar Farm will use crystalline panels and a single axis tracking system. In September 2011, the Salt River Project Agricultural Improvement and Power District entered into a long term power purchase agreement to acquire all of the solar energy generated by the project for 20 years.
Under separate agreements, juwi solar Inc. will engineer, procure, and construct the facility as well as perform operation and maintenance services for the project. The project will be owned by PSEG Solar Source, a subsidiary of PSEG, a diversified energy company based in New Jersey.
"PSEG Solar Source is pleased to add the PSEG Queen Creek Solar Farm to our portfolio of high quality solar projects," said Diana Drysdale, president of PSEG Solar Source. "PSEG Solar Source will continue to seek opportunities throughout the US to provide clean, emissions-free solar energy and to help states meet their solar and renewable targets."
"juwi solar is proud to have closed its fourth deal in the United States with PSEG Solar Source, a company that is well-established in the utility-scale solar market," said Michael Martin, CEO of juwi solar Inc. "Our project development efforts for the Queen Creek project have been a great success, and we now look forward to building and operating a project in one of the most exciting solar markets in the United States."
This is the fourth solar project for PSEG Solar Source. It currently owns:
- The PSEG Wyandot Solar farm - a 12.0 MW DC solar farm in Wyandot, Ohio
- The PSEG Jacksonville Solar Farm - a 15.0 MW DC solar farm on 100 acres in Jacksonville, Florida
- The Mars Solar Garden - a 2.2 MW DC facility located adjacent to the Mars Snackfood's US headquarters in New Jersey
PSEG Solar Source is one of two PSEG subsidiaries active in solar energy. PSEG's regulated gas and electric utility in New Jersey, PSE&G, currently owns 52 MW of solar in New Jersey, consisting of 18 solar farms and more than 150,000 pole attached solar panels. In addition PSE&G is administering a $105 million solar loan program.
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 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 what may actually occur. 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). 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. Forward looking statements made in this communication only apply as of this 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.
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $13 billion, and three principal subsidiaries: PSEG Power, PSEG Energy Holdings, and Public Service Electric and Gas Company (PSE&G). PSEG Energy Holdings has two main unregulated energy-related businesses: PSEG Global and PSEG Resources. PSEG Solar Source LLC is a wholly owned subsidiary of PSEG Global. It was formed to develop, construct, own and operate large-scale solar facilities outside of the PSE&G's regulated service area. For more information on PSEG please go to PSEG.com
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.
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About juwi solar Inc.:
juwi solar Inc. (JSI) is based in Boulder, Colorado and specializes in developing, building and operating utility-scale solar energy generation facilities in North America. JSI is majority-owned by juwi Holding AG of Germany, whose solar subsidiaries have built more than 1,500 solar PV projects around the world — totaling 700MW of installed capacity. (http://www.juwisolar.com).
SOURCE PSEG Solar Source