PSEG Solar Source acquires two NC solar farms for $65 million

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RALEIGH, N.C. — BayWa r.e. Construction, an international renewable energy manufacturer, has sold two solar energy farms in North Carolina to PSEG Solar Source for $65 million.

The projects are located in Warren and Halifax counties, each less than100 miles from Raleigh. Each has a 10-year power purchase agreement with Virginia Electric Power Co. 

More than 75,000 monocrystalline solar panels will be installed at the plant in Warren County, while 78,000 solar panels will be installed in North Halifax.

PSEG Solar Source now has 25 solar plants, including eight in North Carolina.

“This project is another great opportunity for us to partner with BayWa r.e. They are a first-class developer,” said Sarah Hetznecker, president of PSEG Solar Source, in a statement. “We continue to pursue projects that will grow our renewable energy business. This acquisition is another example of PSEG’s commitment to being a leading clean energy provider.”

BayWa r.e.’s U.S. operation is based in Irvine, California. BayWa Group is headquartered in Munich, Germany.

PSEG Solar Source is a subsidiary of PSEG Power based in New Jersey, a merchant power generation company and a subsidiary of Public Service Enterprise Group Inc.

PSEG shares were trading at $59.72 at Friday at market close, up 8 cents from opening.

This is a story from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Article Source: NC Business News Wire