"We're pleased to partner with Platte River Power Authority to bring emission-free energy to its customers and in helping Colorado achieve its renewable energy goals," said Diana Drysdale, president of PSEG Solar Source. "By investing in solar projects like this one, we at PSEG are doing our part to lay the foundation for a clean, green and economically vibrant energy future for everyone."
PSEG Solar Source has a 25-year power purchase agreement with Platte River, a wholesale generation and transmission provider.
"This facility is a significant step in the continued diversification of our generation portfolio," said Jason Frisbie, Platte River general manager and CEO. "It reduces the risk of depending on any single source of fuel and increases our renewable resources."
juwi developed the project and served as its engineering, procurement and construction contractor. The facility will use approximately 117,000 polycrystalline panels.
"We are thrilled to be a part of energizing one of the largest solar projects in our home state here in Colorado," said Michael Martin, president of juwi. "We look forward to the successful operation of the Rawhide Flats project and to continued partnerships with clean energy leaders like Platte River and PSEG Solar Source."
The Rawhide Flats facility has been in startup mode for the past week and should shortly begin commercial operations. Once it begins commercial operations, PSEG Solar Source will have 15 facilities in service in 11 states with a total capacity of 215 MWs. It has two facilities, totaling 100 MWs, in construction which it expects to have in service within the next two months.
This latest addition to PSEG Solar Source's portfolio represents an investment of more than $54 million.
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.
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About Platte River Power Authority:
Platte River Power Authority is a not-for-profit utility that generates and delivers safe, reliable, environmentally responsible, and competitively priced energy and services to its owner communities of Estes Park, Fort Collins, Longmont, and Loveland. Platte River's generation portfolio includes thermal, hydro, wind and solar resources. More information can be found at www.prpa.org.
About juwi Inc.:
juwi Inc. (juwi) is a privately-held renewable energy company based in Boulder, Colo. juwi's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date, juwi has developed and built large-scale solar projects in 14 states in the United States, totaling more than 300 MWs of operating capacity. It has also developed numerous operating large-scale wind energy projects in North America.
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.
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SOURCE PSEG Solar Source