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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 Sunflower Solar Energy Center Goes Online PSEG Now Has Six Solar Farms in North Carolina

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03/26/2018 | 01:32pm CEST

PSEG Solar Source today announced that its PSEG Sunflower Solar Energy Center successfully began operations in December.

The 21-megawatt (dc) facility can power about 4,000 homes.

The solar plant 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 sixth solar farm PSEG Solar Source has developed in North Carolina, the fourth in collaboration with BayWa r.e.

'The Halifax community has been very supportive, it has been great to do business in this area of North Carolina,' said Diana Drysdale, president of PSEG Solar Source. 'And the folks at BayWa r.e. and Geenex have been a pleasure to work with. The Sunflower Solar Energy Center will meet the electricity needs of 4,000 homes, allowing them to shift to cleaner energy. This project moves us closer to the green energy future we all want.'

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.

'North Carolina and the Halifax community continue to strongly support efforts that contribute to the local economy and development of a sustainable source of energy,' said Jam Attari, CEO of BayWa r.e. Solar Projects. 'The ongoing commitment of PSEG Solar Source to invest in these local development efforts has been tremendous.'

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:

Karen Johnson

Tel: 973-430-7734

(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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Technical analysis trends PUBLIC SERVICE ENTERPRISE
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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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