PSEG Acquires 36.3 MW Solar Facility for $54M in Colorado
- Feb 24, 2016
Denver—PSEG Solar Source, the solar energy subsidiary of New Jersey’s Public Service Enterprise Group, acquired a 36.3 MW-dc solar energy facility from juwi Inc. The price tag of the transaction was $54 million.
The asset, originally called Rawhide Flats Solar by the Platte River Power Authority (PRPA), will be renamed PSEG Larimer Solar Energy Center. It will be built 25 miles north of Fort Collins, Colo. on a 290-acre site from the power authority and will provide sufficient electricity to power 7,800 Colorado homes. The center has a 25-year power purchase agreement with a wholesale generation and transmission provider.
“We are delighted to be a part of an initiative that contributes to growing Colorado’s clean energy supply,” said Diana Drysdale, president of PSEG Solar Source. “This solar energy project illustrates our commitment to developing renewable resources and moves us one step closer to a sustainable future. It also exemplifies the vital role of strong partnerships in advancing some of society’s most important goals.”
The developer behind the project is juwi, which acts as its engineering, procurement and construction contractor. The center will use approximately 117,000 polycrystalline panels. Construction is already underway and commercial operations are expected to begin by the end of the year.
“Commencement of construction on this project was an important milestone for us, particularly since it represents the first utility-scale solar project that we successfully developed in our home state of Colorado,” said Michael Martin, president of juwi. “We are pleased to work with PSEG Solar Source to add another project to its portfolio and look forward to the day it will begin producing affordable and clean energy for the Platte River Power Authority and all of its owner communities.”
PSEG now owns 16 utility-scale projects in 12 states with 277 MW-dc capacity.
Image courtesy of PSEG’s Facebook Page