View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
February 21, 2019updated 22 Feb 2019 9:40am

NOVEC to purchase 300MW of energy from DESRI’s solar facilities

Northern Virginia Electric Cooperative (NOVEC) has signed an agreement to purchase nearly 300MW of clean energy from solar facilities owned by DE Shaw Renewable Investments (DESRI).

Northern Virginia Electric Cooperative (NOVEC) has signed an agreement to purchase nearly 300MW of clean energy from solar facilities owned by DE Shaw Renewable Investments (DESRI).

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

Under the agreement, DESRI’s planned facilities that would sell energy to NOVEC are expected to feature ground-mounted solar panels. These will have the ability to track the sun’s movement throughout the daylight hours to produce an estimated 300MW of electricity.

NOVEC president and CEO Stan Feuerberg said: “This agreement with DESRI is another step toward meeting our customers’ expectations for more renewable energy in NOVEC’s resource mix. Purchasing the output from these new solar facilities will be a valuable addition to our energy supply.

“NOVEC’s strategy is to continue improving our environmental footprint through the addition of new renewable energy sources that are not only clean but also affordable. The partnership with DESRI does just that.”

The solar facilities involved in the agreement are expected to produce enough electricity to power nearly 73,000 homes.

“Purchasing the output from these new solar facilities will be a valuable addition to our energy supply.”

Additionally, the facilities are expected to create 250 jobs during the construction period with an emphasis on hiring from local communities.

Currently, DESRI owns and operates solar facilities across the US and has additional sites in development.

The solar facilities currently in development are expected to achieve commercial operation by 2023.

DESRI president David Zwillinger said: “The DESRI team is thrilled to partner with NOVEC to bring low-cost solarpower to Virginia residents. We are committed to growing the renewable energy economy in the region.”

The agreement between the two companies formalises the partnership to develop and construct solar-electric generation facilities within the Dominion/PJM footprint.

PJM is a regional transmission company, which serves 13 states, including Virginia, and the District of Columbia.

Related Companies

Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology