Northeast Utilities (NU) announced that its unit Western Massachusetts Electric Company (“WMECo”) will develop a solar energy facility in the Indian Orchard section of Springfield.
The project site stretches across an area of 12 acres and was previously used as a foundry. This foundry site will be developed into a green energy facility by using 8,200 solar panels, which will generate around 2.2 megawatt (MW) of electricity.
This solar Indian Orchard facility is expected to be completed in the fourth quarter of 2011 and will join WMECo's existing 1.8 MW Silver Lake Solar Facility in Pittsfield, which provides power to 300 homes. These projects are part of WMECo's goal to install 6 MW of solar generation in western Massachusetts by 2012.
The Northeast Utilities unit focuses on developing large-scale solar facilities on sites that offer economies of scale and is cost-effective to produce energy. In August 2009, WMECo became the first utility in New England to receive approval from the Department of Public Utilities (DPU) to build solar energy facilities in the region.
Northeast Utilities' earnings of 69 cents per share, in the first quarter 2011, surpassed the Zacks Consensus Estimate. The company expects 2011 earnings per share in a band of $2.25 to $2.40, excluding expenses related to the completion of merger with NSTAR. The Zacks Consensus Estimate for 2011 is presently $2.31 per share.
The quantitative Zacks #2 Rank (short-term Buy rating) for the company indicates upward pressure on the stock over the near term. The company competes with NiSource Inc. (NI) in the energy delivery niche.
Based in Hartford, Connecticut, Northeast Utilities engages in the energy delivery business for residential, commercial, and industrial customers.
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