Dominion announces acquisition of solar projects in California
Six projects will have combined output of 139 megawatts ---- Each project has a long-term power purchase agreement ---- Significantly increases company's solar generation portfolio
RICHMOND, Va., April 1, 2014 -- Dominion (NYSE: D) announced the acquisition of six solar development projects from Recurrent Energy, one of North America's largest developers of utility scale solar projects.
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The solar project sites are located in California's Fresno, Kern and Kings counties.
"This investment is another important step forward for Dominion as we expand our renewable energy portfolio," said Dominion Chairman, President and Chief Executive Officer Thomas F. Farrell II. "These projects fit well within our portfolio of regulated and long-term contracted assets."
Long-term power purchase, interconnection, engineering, procurement and construction – and operation and maintenance agreements have been executed for each of the projects. Recurrent Energy will continue to support Dominion through the completion of these projects.
Construction commenced in the first quarter of this year and all of the solar facilities are expected to reach commercial operation in late 2014 or early 2015. All of the projects are expected to qualify for the Federal Investment Tax Credit and support Dominion's growth plan.
Dominion currently has 41 megawatts of solar energy at sites in Georgia, Connecticut and Indiana.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 23,600 megawatts of generation, 10,900 miles of natural gas transmission, gathering and storage pipeline, and 6,400 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 947 billion cubic feet of storage capacity and serves utility and retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.
Recurrent Energy is redefining what it means to be a mainstream clean energy company, with a fleet of utility-scale solar plants that provide competitive clean electricity. The company has more than 2 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com.
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