NOVEC to purchase nearly 300MW of clean energy from solar facilities owned by DESRI. Credit: Andreas Gücklhorn on Unsplash.

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).

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“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.