Dominion acquires six solar projects from Recurrent Energy
- April 1, 2014
Dominion has acquired six solar development projects from Recurrent Energy, one of North America's largest developers of utility scale solar projects. Terms of the deal were not disclosed.
The solar project sites are located in California's Fresno, Kern and Kings counties. "This investment is another important step forward for Dominion as we expand our renewable energy portfolio," Dominion Chairman, President and CEO Thomas F. Farrell II said in a statement Tuesday. "These projects fit well within our portfolio of regulated and long-term contracted assets."
Dominion said that long-term agreements for power purchase, interconnection, engineering, procurement and construction have been executed for each of the projects. Recurrent Energy will continue to support Dominion through the completion of these projects.
Construction began in the first quarter, and all of the solar facilities are expected to reach commercial operation in late 2014 or early 2015. The projects are expected to qualify for the Federal Investment Tax Credit and support Dominion's growth plan.
Dominion currently has 41 megawatts of solar energy at sites in Georgia, Connecticut and Indiana.
In Virginia, a subsidiary, Dominion Virginia Power, plans to install more than 2,000 solar panels on the rooftop of Canon Virginia Inc.'s Industrial Resource Technologies facility in Gloucester, making it the largest roof solar system in the state.
The project is part of a program in which Dominion leases rooftop or ground space at commercial, industrial or public facilities for installation of solar panels. When operational, the panels at the Gloucester facility will generate more than 500 kilowatts of electricity, enough to power about 125 homes.