Dominion to Build Solar Power Project in Georgia
- 7.7-megawatt project is located in Washington County, near Augusta, Ga.
- Commercial production expected to begin in late 2013
- Company's first generation-scale solar addition to portfolio
RICHMOND, Va., March 1, 2013
RICHMOND, Va., March 1, 2013 /PRNewswire/ --Dominion (NYSE: D), one of the
nation's largest energy providers, has acquired a solar energy development
project in Georgia from Smart Energy Capital and Jacoby Development. The
project is to begin commercial operation late this year.
Dominion's Azalea Solar Power Facility, near Augusta in east-central Georgia,
is planned to produce approximately 7.7 megawatts (AC) using photovoltaic
technology. Dominion will select a contractor and oversee the construction of
the project. The purchase price is confidential.
"The addition of this solar project to Dominion's generation portfolio is
consistent with our philosophy, which recognizes that affordable and reliable
electric supply depends on a proper balance of all types of generation:
nuclear, clean coal, biomass, natural gas, hydro-power, wind and solar," said
Thomas F. Farrell II, chairman, president and chief executive officer.
"Dominion is excited to add its first generation-scale solar project to its
The project has a long-term power purchase agreement with Cobb Electric
Membership Corp., a local electric cooperative, providing predictable revenue.
Dominion also will gain valuable solar experience from the construction and
operation of this project.
"The experience to be gained from this project should benefit Dominion as it
begins to add solar generation in its Dominion Virginia Power service area,"
The 40-acre project is located on 100 acres of farm and forest land about 60
miles southwest of Augusta, Ga. The project has a 25-year purchase power
agreement with Cobb, one of the largest electric cooperatives in Georgia,
serving roughly 200,000 customers. The expected start of commercial operations
is Dec. 1.
Smart Energy Capital is a finance, investment and development company focused
on the commercial and small utility segments of the solar PV industry in North
America. The company enables its customers to consume solar generated
electricity without a capital investment and with a reduction in their
electricity costs and enables its investors to realize attractive,
risk-adjusted returns. The company has completed over 70 megawatts of projects
and deployed over $250 million of project capital for public and private
schools and universities, municipalities, commercial entities, investor owned
utilities, municipal utilities and electric cooperatives. The company is
headquartered in White Plains, N.Y., and maintains an additional office in
Portland, Ore. Further information is available at www.smartenergycapital.com.
Jacoby Development is part of the Jacoby Group. Based in Atlanta, Ga., the
Jacoby Group of Companies is focused on real estate, education, energy and
healthcare - all with an emphasis on sustaining the environment and seeking
solutions for tomorrow's generations. Founded by Jim Jacoby in 1975, the
company has expanded its focus from initial endeavors in "traditional" retail
center development to broader projects that embrace and promote environmental
stewardship. Today, Jacoby Development's initiatives include mixed use
development, Brownfields reclamation and redevelopment as well as alternative
energy development. Further information is available at
Dominion is one of the nation's largest producers and transporters of energy,
with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles
of natural gas transmission, gathering and storage pipeline and 6,300 miles of
electric transmission lines. Dominion operates the nation's largest natural
gas storage system with 947 billion cubic feet of storage capacity and serves
retail energy customers in 15 states. For more information about Dominion,
visit the company's website at www.dom.com.
Contact: Dominion, Media, Greg Edwards, +1-804-771-6115,
Gregory.P.Edwards@dom.com; Analysts, Nathan Frost, +1-804-819-2187,
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