Dominion buys California projects
Utility holding company Dominion says it has acquired six solar development projects totaling 139MW nameplate capacity in California from Recurrent Energy.
Financial terms of the transaction were not made public.
The project sites are located in California's Fresno, Kern and Kings counties.
Dominion says construction began in the first quarter and all of the facilities are due to reach commercial operation late this year or in early 2015. The projects are expected to qualify for the federal Investment Tax Credit.
"This investment is another important step forward for Dominion as we expand our renewable energy portfolio," sasays Dominion chief executive Thomas F. Farrell II. "These projects fit well within our portfolio of regulated and long-term contracted assets."
The projects all have long-term long-term agreements for power off-take, interconnection, and operation and maintenance. Recurrent Energy will continue to support Dominion through the completion of these projects.
Dominion currently has 41MW of solar energy at sites in Georgia, Connecticut and Indiana.