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MarketScreener Homepage  >  Equities  >  Nyse  >  Public Service Enterprise Group    PEG

PUBLIC SERVICE ENTERPRISE GROUP (PEG)
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Public Service : PSEG Acquires Sixth North Carolina Solar Farm 7MW North Carolina facility in operation, powers more than 1,250 homes

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02/09/2018 | 01:34pm CEST

PSEG Solar Source today announced it has acquired a 7 MW-dc solar energy facility from BayWa r.e. representing an investment of about $10 million.

The PSEG Halifax Solar Energy Center began operations Dec. 21, 2017.

The PSEG Halifax Solar Energy Center has a 15-year power purchase agreement with Virginia Electric and Power Co. The facility occupies 28 acres that are under a 25-year lease with the Halifax-Northampton Regional Airport, located in Halifax, N.C., about 80 miles northeast of Raleigh, N.C.

'We are delighted to work with BayWa r.e. on this project, a best-in-class partner,' said Diana Drysdale, president of PSEG Solar Source. 'We continue to focus on expanding our renewable energy business and this acquisition is another example of PSEG's commitment to a sustainable energy future.'

BayWa r.e. was the project's engineering, procurement and construction contractor and now operates the facility for PSEG Solar Source. The facility will use approximately 20,550 mono-crystalline solar panels with three SMA inverters. The project was initiated by Geenex Solar, a developer based in Charlotte, N.C.

PSEG Solar Source completed the acquisition of the project from BayWa r.e. on Dec. 13, 2017.

'BayWa r.e. is extremely pleased with the continuing partnership with PSEG and move to a better answer for the sustainable electrification of our grid,' said Jam Attari, CEO of BayWa r.e. Solar Projects. 'This world class facility could not have been completed without the tireless support and involvement from the Northampton County community and our partner Geenex.'

With this purchase, PSEG Solar Source now has 23 utility-scale solar facilities in operation in 14 states, including six in North Carolina. Solar Source has a total installed capacity of 414 MWs DC.

About PSEG Solar Source

PSEG Solar Source is a subsidiary of PSEG Power, a merchant power generation company which is part of the Public Service Enterprise Group (PSEG) family of companies. PSEG (NYSE:PEG) is a publicly traded diversified energy company with annual revenues of $9.1 billion. Its other main subsidiaries are Public Service Electric and Gas Company (PSE&G), a regulated New Jersey gas and electric utility, and PSEG Long Island, which operates the transmission and distribution assets of the Long Island Power Authority (LIPA).

Contact:

Michael Jennings

Tel: 973-430-6406

(C) 2018 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
BAYWA AG -0.84% 29.45 Delayed Quote.-8.17%
PUBLIC SERVICE ENTERPRISE GROUP 1.48% 52.8 Delayed Quote.2.52%
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Financials ($)
Sales 2018 9 634 M
EBIT 2018 2 475 M
Net income 2018 1 578 M
Debt 2018 14 873 M
Yield 2018 3,46%
P/E ratio 2018 16,65
P/E ratio 2019 15,79
EV / Sales 2018 4,26x
EV / Sales 2019 4,05x
Capitalization 26 135 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 56,2 $
Spread / Average Target 8,0%
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Managers
NameTitle
Ralph Izzo Chairman, President & Chief Executive Officer
Ralph A. LaRossa Chief Operating Officer
Daniel J. Cregg Chief Financial Officer & Executive Vice President
Richard J. Swift Independent Director
Albert R. Gamper Independent Director
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