NEWARK, N.J., Sept. 24, 2012 /PRNewswire/ -- PSEG Solar Source announced today that it has completed the acquisition of a 15 MW DC (12 MW AC) solar project in Milford, Delaware, from juwi solar Inc. (JSI). Under separate agreements, JSI will engineer, procure, and oversee construction of the facility as well as perform operation and maintenance services for the project. Construction of the project will begin this month.
The project has a power purchase agreement for energy and solar renewable energy credits with Delaware Municipal Electric Corporation. The project will be owned by PSEG Solar Source, a subsidiary of PSEG, a diversified energy company based in New Jersey. Upon completion, the PSEG Milford Solar Farm will be largest solar farm in the state of Delaware.
The PSEG Milford Solar Farm is expected to be completed in the 4th quarter of 2012. The $50 million project will be located on 80 acres of land in Kent County, Delaware and will create approximately 100 jobs during construction.
"We welcome PSEG Solar Source to Delaware, creating jobs and clean energy for our state," said Governor Jack Markell. "Through the innovative partnership between DEMEC, the Town of Milford, and PSEG, the Milford Solar Farm joins more than 30 megawatts of other solar installations in Delaware, making our state a national leader in solar deployment per capita."
"As the cost of solar power continues to decline, Delaware is emerging as a leader in the adoption of clean energy systems, improvement of air quality, and creation of local installation jobs," said DNREC Secretary Collin O'Mara. "The PSEG Milford Solar Farm will be among the largest solar projects on the East Coast and will help prove that we can have cleaner and less costly energy at the same time."
"PSEG Solar Source is pleased to be constructing a solar farm in Delaware," said Diana Drysdale, president of PSEG Solar Source. "We continue to invest in projects where we provide clean, emissions-free solar energy to help meet solar and renewable targets and with supportive local and state policies. The Milford project fits the bill."
"We are proud to have closed our fifth solar project transaction with PSEG Solar Source and to have expanded into a new market in the United States." said Michael Martin, CEO of juwi solar Inc. "Our development efforts for the Milford project have been a great success, and we now look forward to building and operating a solar project in the state of Delaware."
This is the fifth solar project built by JSI for PSEG Solar Source. It currently owns:
- The PSEG Queen Creek Solar Farm – a 25.0 MW DC solar farm in Queen Creek Arizona
- The PSEG Wyandot Solar Farm - a 12.0 MW DC solar farm in Wyandot, Ohio. At completion it was the largest solar farm in Ohio
- PSEG Jacksonville Solar Farm - a 15.0 MW DC solar farm on 100 acres in Jacksonville, Florida, at completion it was the second largest solar farm in Florida
- The PSEG Mars Solar Garden - a 2.2 MW DC facility located adjacent to the Mars Snackfood's US headquarters in New Jersey
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of more than $11 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.
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About juwi solar Inc.
juwi solar Inc. (JSI) is a privately-held solar energy generation company based in Boulder, Colorado. JSI's primary business is the development, design, construction, operation and maintenance of utility-scale (1MW and larger) solar energy generation facilities in North America. To date JSI has successfully built large-scale solar projects in Arizona, Florida, Nevada, New Jersey, North Carolina, Ohio and Texas. JSI is majority-owned by juwi Holding AG of Germany. With over 600 employees worldwide, juwi's solar group has built more than 1,500 solar photovoltaic installations globally, totaling more than 1GW of operating capacity.
The statements contained in this communication about us 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.
SOURCE PSEG Solar Source