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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 Cork Oak Solar Energy Center Goes Online 26.2 MW North Carolina facility in operation, powers 5,000 homes

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03/29/2018 | 12:55pm CEST

PSEG Solar Source today announced that its PSEG Cork Oak Solar Energy Center successfully began operations in December 2017.

The 26.2-megawatt (dc) facility has a 10-year power purchase agreement with Virginia Electric and Power Co. and is located about 90 miles northeast of Raleigh in Halifax, N.C. It is the third project PSEG Solar Source has developed in collaboration with BayWa r.e.

'We remain focused on growing our solar business by partnering with top-notch organizations like BayWa r.e., on projects like Cork Oak,' said Diana Drysdale, president of PSEG Solar Source. 'This solar farm can power 5,000 homes and will increase the region's supply of clean energy. It is another step forward, toward a more sustainable future for all of us.'

BayWa r.e. was the project's engineering, procurement and construction contractor and now operates the facility for PSEG Solar Source. 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. in January 2017.

'This continued revitalization of America's energy grid would not have been possible without the important contribution of partners like PSEG and Geenex, and the strong support of the local community,' said Jam Attari, CEO of BayWa r.e. Solar Projects.

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 1.22% 29.15 Delayed Quote.-9.11%
PUBLIC SERVICE ENTERPRISE GROUP -0.17% 52.05 Delayed Quote.1.07%
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Financials ($)
Sales 2018 9 832 M
EBIT 2018 2 505 M
Net income 2018 1 578 M
Debt 2018 14 892 M
Yield 2018 3,45%
P/E ratio 2018 16,74
P/E ratio 2019 15,85
EV / Sales 2018 4,19x
EV / Sales 2019 4,11x
Capitalization 26 348 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 55,8 $
Spread / Average Target 6,9%
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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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