Boston, MA 05/15/2014 (wallstreetpr) – Dominion Resources, Inc. (NYSE:D) on May 7, 2014 announced that it acquired two large solar projects in Tennessee. The company announced that, after completion, these projects will lead to mass production 32 MW of renewable energy.
Completion Target of Two Projects
The newly acquired solar projects shall be finished in Q4 2014. After completion of these projects, the overall electricity as well as renewable energy credits generated by these two plants will be directed towards Tennessee Valley Authority (TVA). This will be done through a long term power purchase agreement (PPA).
Words from the CEO of Dominion Generation
The Dominion Generation CEO, David Christian, commented that this was yet another addition to the solar-power portfolio of Dominion. He also explained that it was very important to maintain as well as develop the diverse generation mix, which should range from traditional sources to renewable energy. The strategy behind inclusion of these two projects was to align them with the regulated and also the unregulated generation portfolio of the company.
About the Solar Projects
- The solar projects acquired by Dominion Resources, Inc. (NYSE:D) are known as Selmer Farm and Mulberry Farm.
- These are located in McNairy County, near Selmer in southwest Tennessee.
- These are the stand-alone and fixed-tilt photovoltaic solar projects in Tennessee. The benefit of the photovoltaic system is that the source of power is direct sunlight.
- The responsibility of procurement, construction and engineering of these two projects vests upon Strata Solar of Chapel Hill, N.C.
Status of Dominion Resources after Acquisition of These Two Projects
The recent acquisition of Selmer Farm and Mulberry Farm solar projects by Dominion Resources has enabled Dominion Resources, Inc. (NYSE:D) to bring its total solar portfolio to 212 MW. Out of this, 139 MW is still under construction in California. Also, the total generation portfolio of Dominion now zeroes in at 23,600 MW approximately.
