PSEG acquires Five Forks Solar and North Halifax Solar from BayWa

15 March 2019 (Last Updated March 15th, 2019 14:47)

PSEG Solar Source has acquired Five Forks Solar and North Halifax Solar being developed by BayWa, in a deal valued at $65m.

PSEG Solar Source has acquired Five Forks Solar and North Halifax Solar from BayWa in a deal valued at $65m.

Construction on the two North Carolina solar farms started last month, with operations expected to be complete at the end of 2019.

The Five Forks solar project in Warren County will be a 25.9MW facility, whilst North Halifax Solar in Halifax County will have a capacity of 26.9MW.

Each project has a power purchase agreement with Virginia Electric Power for a period of ten years.

PSEG Solar Source president Sarah Hetznecker said: “This project is another great opportunity for us to partner with BayWa.

“We continue to pursue projects that will grow our renewable energy business. This acquisition is another example of PSEG’s commitment to being a leading clean energy provider.”

“We continue to pursue projects that will grow our renewable energy business. This acquisition is another example of PSEG’s commitment to being a leading clean energy provider.”

PSEG said that these are the fifth and sixth solar projects undertaken by the company with BayWa, with the latest purchase will bring its portfolio to 25 utility-scale solar facilities located in 14 states, including eight in North Carolina.

These facilities have a total capacity of 414MW, whilst the two new projects will add 53MW.

BayWa, which will be responsible for the engineering, procurement and construction, will also provide operational and maintenance services to the projects once they go into service.

The company plans to install more than 75,000 monocrystalline solar panels at the Five Forks Facility, while the North Halifax facility will see the installation of approximately 78,000 solar panels.

BayWa CEO Jam Attari said: “As a global renewable energy company, we’re committed to delivering best-in-class projects that leave a positive footprint in the community, and provide a sustainable return on investment to key stakeholders and partners.”