Newark, NJ based Public Service Enterprise Group Inc.’s (PEG) subsidiary PSEG Solar Source announced that it will acquire a solar energy facility from juwi solar Inc. near Waldorf, MD.
Boulder, CO based juwi solar is a privately held company engaged in the construction and maintenance of utility-scale solar generation facilities.
This 12.9 megawatt of direct current (MWdc) solar facility is located 22 miles southeast of Washington, DC. The project has secured a 20-year power purchase agreement with Southern Maryland Electric Cooperative.
Construction on this project is expected to commence at the beginning of 2015 with the plant coming into service before Jun 2015. This facility will employ about 40,000, 315-watt solar panels.
Upon the completion of acquisition, the facility will be called PSEG Waldorf Solar Energy Center while juwi solar will operate the project for PSEG Solar Source. This transaction will boost PSEG Solar Source’s portfolio capacity to 123 MWdc. The company currently has 10 operating solar facilities and one under construction.
Growing consciousness about greenhouse gas emission has resulted in increasing usage of alternate energy for generating power. Per the U.S. Energy Information Administration (“EIA”), energy consumption from renewable sources is projected to be 9.118 quadrillion Btu in 2015.
Of the total energy consumption from renewables, 0.522 quadrillion Btu is expected to be generated from solar power. Solar based power production is expected to swell an impressive 130% from 2012 levels.
Public Service Enterprise is giving due importance to renewable projects besides investing heavily in transmission infrastructure .The company intends to shell out roughly $300 million from 2014 through 2018 for solar and energy efficiency programs.
Zacks Rank
Public Service Enterprise currently carries a Zacks Rank #2 (Buy). Other well-ranked stocks in the utility space include Black Hills Corporation (BKH) and PG&E Corporation (PCG), sporting a Zacks Rank #1 (Strong Buy) and Consolidated Edison, Inc. (ED), holding a Zacks Rank #2.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
Be the first to comment