Constellation Energy to Acquire 7.8 MW Solar Project
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Constellation Energy (NYSE: CEG) and Community Energy Solar, LLC (Community Energy), today announced that Constellation, through its retail business, has agreed to acquire a 7.8 megawatt (MW) DC solar generation project from solar power developer, Community Energy. The electricity generated from the photovoltaic project in Vineland, New Jersey, will be sold to the Vineland Municipal Electric Utility under a 25-year power purchase agreement obtained by Community Energy and assigned to Constellation Energy. Constellation Energy will finance as well as build, own and operate the solar installation. The project will begin delivering emissions-free peak power this summer and will be among the three largest solar generation installations in New Jersey.
"Constellation Energy is pleased to include Vineland’s solar installation among our renewable energy projects serving customers in New Jersey,” said Michael D. Smith, senior vice president of green initiatives for Constellation Energy’s retail business. “This solar installation will help Vineland Municipal Electric Utility to provide stable utility costs for its users over the long term through a renewable energy source. By structuring solar projects as power purchase agreements, we can provide energy solutions that require no upfront capital from customers and provide them with fixed power costs that are less than projected market rates. ” “The Vineland Project represents an exciting delivery on Community Energy’s solar development strategy. We were able to advance this solar project quickly based on a strong partnership with the City of Vineland, our development team and Constellation Energy. With the strength of Constellation Energy’s pre-construction purchase, we are able to deliver a win for all parties in a very competitive market, which is always our goal.” said R. Brent Alderfer, CEO of Community Energy. The project will be ground-mounted on two sites in Vineland, N.J., totaling approximately 40 acres, including a 4.8 MW DC West Vineland and 3.0 MW DC North Vineland site. The project is expected to generate approximately 10 million kilowatt -hours of electricity per year. Generating the same amount of electricity using nonrenewable sources would result in the release of 7,182 metric tons of carbon dioxide, or the equivalent emissions from 1,373 passenger vehicles annually.
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