NOVEC purchases 300 MW of Eastern U.S. solar projects
Northern Virginia Electric Cooperative (NOVEC) and D. E. Shaw Renewable Investments (DESRI) recently reached an agreement for NOVEC to purchase approximately 300 MW of energy output from solar facilities owned by DESRI. NOVEC selected DESRI from among multiple bidders to provide the cooperative with additional renewable resources.
“This agreement with DESRI is another step toward meeting our customers’ expectations for more renewable energy in NOVEC’s resource mix. Purchasing the output from these new solar facilities will be a valuable addition to our energy supply,” said Stan Feuerberg, president and CEO of NOVEC.
The agreement between NOVEC and DESRI formalizes the partnership to develop and construct solar-electric generation facilities within the Dominion/PJM footprint. PJM is a regional transmission organization that serves 13 states, including Virginia, and the District of Columbia.
“This addition of solar-generated electricity will become NOVEC’s largest source of renewable energy. Additionally, its projected cost is competitive with the marketplace for comparable on-peak energy,” says Gil Jaramillo, manager of portfolio optimization and business development at NOVEC.
DESRI owns and operates solar facilities across the United States and has additional facilities in development and under consideration. The planned solar facilities that would sell energy to NOVEC are expected to be tracking ground-mounted solar panels to produce an estimated 300 MW of electricity. These in-development solar facilities are expected to achieve commercial operation by 2023.
“The solar plants are a welcome addition to NOVEC’s current 60 MW of renewable resources that include hydroelectric, woody biomass, solar and landfill methane gas recovery,” said John Rainey, director of origination and plant operations at NOVEC.
The solar facilities involved in the agreement are expected to produce enough electricity to power nearly 73,000 homes. They are also expected to create 250 jobs during construction with an emphasis on hiring from local communities.
“NOVEC’s strategy is to continue improving our environmental footprint through the addition of new renewable energy sources that are not only clean but also affordable. The partnership with DESRI does just that,” Feuerberg said.
News item from NOVEC