PSEG Solar Source buys 47-MWs of solar for $75 million from BayWa r.e.

Written By: Stratton Report
January 23, 2017

PSEG Main

On January 23, PSEG Solar Source announced it had acquired two North Carolina solar facilities from BayWa r.e. According to the firm, the two projects had a total capacity of 47-MWs DC, and represented a total investment of $74.6 million.

The PSEG Cork Oak Solar Energy Center and the PSEG Sunflower Solar Energy Center are under construction and scheduled to begin operation later this year, selling power under a 10-year power purchase agreement with Virginia Electric and Power Co.

Diana Drysdale, president of PSEG Solar Source noted:

“It’s a pleasure to work with a top-notch organization like BayWa r.e. on these projects, which will provide North Carolina with more safe, clean and reliable energy. These are important transactions for us, as we continue to expand our solar portfolio across the country.”

BayWa r.e. developed the project and is the engineering, procurement and construction contractor for both projects and will operate the facilities for PSEG Solar Source when each goes into operation.

Jam Attari, CEO of BayWa r.e. Solar Projects remarked: “BayWa r.e. is delighted to complete another transaction with PSEG Solar Source. We look forward to growing our relationship with PSEG Solar Source over the coming months and years,”

PSEG Solar Source claims 21 utility-scale solar facilities in 13 states, including five in North Carolina, with 326 MWs in operation and another 70 MWs under construction.