Market Overview

PSEG Solar Source Purchases 25.2 MW Solar Project in Arizona from juwi


PSEG Solar Source today completed the acquisition of a 25.2 MW DC (19 MW AC) solar project developed by juwi solar Inc. The PSEG Queen Creek Solar Farm is expected to begin construction in January 2012 and be completed in the 3rd quarter of 2012. The project will be located on 158 acres of land approximately 30 miles southeast of Phoenix, Arizona. PSEG Solar Source paid approximately $75 million for the project.

The PSEG Queen Creek Solar Farm will use crystalline panels and a single axis tracking system. In September 2011, the Salt River Project Agricultural Improvement and Power District entered into a long term power purchase agreement to acquire all of the solar energy generated by the project for 20 years.

Under separate agreements, juwi solar Inc. will engineer, procure, and construct the facility as well as perform operation and maintenance services for the project. The project will be owned by PSEG Solar Source, a subsidiary of PSEG, a diversified energy company based in New Jersey.

"PSEG Solar Source is pleased to add the PSEG Queen Creek Solar Farm to our portfolio of high quality solar projects," said Diana Drysdale, president of PSEG Solar Source. "PSEG Solar Source will continue to seek opportunities throughout the US to provide clean, emissions-free solar energy and to help states meet their solar and renewable targets."

Posted-In: News M&A Tech


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