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PSEG acquires pair of BayWa r.e. solar projects

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PSEG acquires pair of BayWa r.e. solar projects

PSEG Power LLC subsidiary PSEG Solar Source LLC acquired two North Carolina solar projects from BayWa r.e. Solar Projects LLC, a unit of Germany-based BayWa AG, in an approximately $65 million deal.

The 26.9-MW DC North Halifax project and the 25.9-MW DC Five Forks Solar Project in Halifax and Warren counties, N.C., respectively, both entered construction in February and are expected online in the fourth quarter.

The deal brings the number of projects PSEG Solar Source has co-developed with BayWa r.e. to six and, once online, will grow the buyer's operational portfolio to 25 utility-scale solar projects across 14 states.

BayWa r.e. will oversee engineering, procurement and construction for the facilities and will provide operations and maintenance services once the projects are operational.

Each of the projects has a 10-year power purchase agreement with Virginia Electric and Power Co., a Dominion Energy Inc. subsidiary that is also the off-taker for PSEG Solar Source's 7-MW PSEG Halifax Solar Energy Center. Like North Halifax, that project is in Halifax County and was purchased from BayWa r.e. in 2018.

Virginia Electric and Power does business as Dominion Energy Virginia.