Electric utility provider, Dominion Resources, Inc.’s (D) subsidiary, Dominion Virginia Power, has recently filed a petition with Virginia State Corporation Commission (VSCC). The application was made for building the first large-scale solar facility in Virginia.
The project is set to be constructed on 125 acres of land near the Remington Power Station in Fauquier County. Consisting of roughly 90,000 photovoltaic panels, the facility will have a solar capacity of 20 megawatt (“MW”), adequate for powering 5,000 homes at peak capacity. This power plant is expected to commence service in Oct 2016.
Richmond, VA-based Dominion filed another application with VSCC for the approval of the Community Solar pilot program in Virginia. This program will permit electricity users to purchase solar energy output from Dominion’s 2 MW solar facility based in Virginia.
Dominion Resources currently has a solar generating capacity of 344 MW under development, in construction or in operation across six states.
Dominion’s renewable energy endeavors are evident from the number of solar acquisitions made by the company in 2014. In Dec 2014, Dominion completed the acquisition of the CID solar facility located in King’s County, CA from EDF Renewable Energy.
In Nov 2014, Dominion made two acquisitions — a 28.4 MW West Antelope Solar Park from Canadian Solar Inc. (CSIQ) and a 50 MW Pavant Solar project, situated in Millard County, UT from juwi solar, a renewable energy provider.
The utilities are thus working towards generating more clean power from renewable sources to meet state and federal mandates on carbon emissions. While Dominion and NRG Energy, Inc. (NRG) are busy expanding their solar portfolios, ALLETTE, Inc. (ALE) is primarily leveraging wind energy.
Dominion Resources currently carries a Zacks Rank #3 (Hold).
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