Dominion Snags Third Solar Project This Year
Oct 22nd 2013 9:04PM
Updated Oct 22nd 2013 9:06PM
Dominion announced today that it has acquired a 5 MW solar project from Japanese company Kyocera located in north-central Connecticut.
"Dominion looks forward to supplying solar energy to the people of Connecticut, where we already provide carbon-free nuclear energy from our Millstone Power Station," said CEO of Dominion Generation David Christian in a statement today. "The Somers project joins a growing list of renewable projects that Dominion has announced or brought online this year as we maintain our focus on providing a mix of affordable, clean, and reliable power."
Connecticut Gov. Dannel Malloy referred to the project as "one of the largest solar installations" in the state and noted that Dominion's acquisition will contribute to Connecticut's Comprehensive Energy Strategy.
The project was jointly constructed by Kyocera and California-based CleanPath and is expected to come online in Q4 2013. As with most solar projects, electricity from the facility has already been sold under a 20-year power purchase agreement, this time to Northeast Utilities' Connecticut Power & Light.
Widely known as a natural gas company, this is Dominion's third solar project purchase this year, and the company's generation portfolio currently includes 1,500 MW of renewable energy (mostly wind) under development, in construction, or in operation.
The article Dominion Snags Third Solar Project This Year originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo. The Motley Fool recommends Dominion Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.