NEWARK, N.J., Dec. 22, 2014 /PRNewswire/ -- PSEG Solar Source announced today that it will acquire a 12.9 megawatt (MWdc) solar energy facility near Waldorf, MD from juwi solar (JSI). The project was originally developed by JSI and has a 20-year power purchase agreement with Southern Maryland Electric Cooperative (SMECO).
The facility, to be called the PSEG Waldorf Solar Energy Center, is located 22 miles Southeast of Washington, DC. The acquisition will increase the capacity of PSEG Solar Source's portfolio to 123 MWdc.
"With this, our eleventh utility scale solar facility, we are pleased to be providing safe, clean reliable energy to the residents of southern Maryland," said Diana Drysdale, president of PSEG Solar Source. "We now have 10 plants in operation and one plant in construction across nine states and are continuing to focus our efforts on expanding our solar portfolio across the country."
JSI is the engineering, procurement and construction contractor for the project and will operate the project for PSEG Solar Source upon completion. Construction is expected to begin in early 2015, with the facility going into service before June 2015. The facility will use approximately 40,000, 315-watt, solar panels.
"We are pleased to work together with PSEG to realize another solar power plant on the East Coast," said Mike Martin, JSI's President and CEO. "Our plan is to break ground before the end of the year, and we look forward to bringing on-line a generation facility that will provide cost-effective solar power to SMECO."
This is PSEG Solar Source's eleventh project in nine states. Its other projects are located in Arizona, California, Delaware, Florida, Ohio, Texas, Vermont and New Jersey.
About PSEG:
PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly-traded diversified energy company with annual revenues of $10 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated NJ gas and electric utility and PSEG Long Island.
Disclaimer: PSEG Solar Source LLC is not the same company as PSE&G, the New Jersey based electric and gas utility. PSEG Solar Source is not regulated by the New Jersey Board of Public Utilities. You do not have to purchase any PSEG Solar Source products in order to receive quality regulated services from PSE&G.
About juwi solar Inc.:
juwi solar Inc. (JSI) is a privately-held solar energy generation company based in Boulder, Colorado. JSI's primary business is the development, design, construction, operation and maintenance of utility-scale (1 MW and larger) solar energy generation facilities in North America. To date JSI has built large-scale solar projects in Arizona, Delaware, Florida, Nevada, New Jersey, North Carolina, Ohio, Texas and Vermont, totaling more than 100 MWs of operating capacity. JSI also provides operations, monitoring, and maintenance services customized for each solar facility and to each owner's needs and is currently performing these services for 182 MWs of solar facilities in the United States.
Forward-Looking Statement
The statements contained in this communication about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical, are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Although we believe that our expectations are based on information currently available and on reasonable assumptions, we can give no assurance they will be achieved. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: http://www.pseg.com. These documents address in further detail our business, industry issues and other factors that could cause actual results to differ materially from those indicated in this communication. In addition, any forward-looking statements included herein represent our estimates only as of the date hereof and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if our internal estimates change, unless otherwise required by applicable securities laws.
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SOURCE Public Service Enterprise Group (PSEG)
