FirstEnergy Solutions' Purchase Power Agreement Key to Development of Largest Solar Project in Maryland
FirstEnergy Corp. (NYSE: FE) today announced that its FirstEnergy Solutions subsidiary has signed a long-term agreement to purchase the output from the Maryland Solar Farm, a green energy facility planned for Hagerstown, Md. When the development is completed by Maryland Solar LLC, the facility will be the largest solar facility in Maryland and among the largest on the East Coast.
Under the terms of the agreement, FirstEnergy Solutions will purchase the facility's 20-megawatt output for 20 years. The long-term purchase power agreement demonstrates that Maryland Solar will have a guaranteed source of revenue, a critical milestone for the project to obtain financing. In addition, FirstEnergy Solutions will obtain the Renewable Energy Credits produced by the facility.
