Dominion announces acquisition of solar projects in California
- Six projects will have combined output of 139 megawatts
- Each project has a long-term power purchase agreement
- Significantly increases company's solar generation portfolio
RICHMOND, Va., April 1, 2014
RICHMOND, Va., April 1, 2014 /PRNewswire/ -- Dominion (NYSE: D) announced the
acquisition of six solar development projects from Recurrent Energy, one of
North America's largest developers of utility scale solar projects.
The solar project sites are located in California's Fresno, Kern and Kings
"This investment is another important step forward for Dominion as we expand
our renewable energy portfolio," said Dominion Chairman, President and Chief
Executive Officer Thomas F. Farrell II. "These projects fit well within our
portfolio of regulated and long-term contracted assets."
Long-term power purchase, interconnection, engineering, procurement and
construction – and operation and maintenance agreements have been executed for
each of the projects. Recurrent Energy will continue to support Dominion
through the completion of these projects.
Construction commenced in the first quarter of this year and all of the solar
facilities are expected to reach commercial operation in late 2014 or early
2015. All of 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.
Dominion is one of the nation's largest producers and transporters of energy,
with a portfolio of approximately 23,600 megawatts of generation, 10,900 miles
of natural gas transmission, gathering and storage pipeline, and 6,400 miles
of electric transmission lines. Dominion operates one of the nation's largest
natural gas storage systems with 947 billion cubic feet of storage capacity
and serves utility and retail energy customers in 15 states. For more
information about Dominion, visit the company's website atwww.dom.com.
Recurrent Energy is redefining what it means to be a mainstream clean energy
company, with a fleet of utility-scale solar plants that provide competitive
clean electricity. The company has more than 2 GW of solar projects in
development in North America. Additional details are available at:
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