(Read more on the industrial market.)
FALLS TWP., PA-Epuron LLC, the US subsidiary of Hamburg, Germany based-Conergy AG, has leased 16.5 acres from Waste Management Inc. with plans to build a $20-million solar power facility. The land is adjacent to Houston-based Waste Management's Grows landfill in Morrisville. Terms of the lease are undisclosed.
Chicago-based Exelon Generation Co. LLC, the parent of Philadelphia's Peco Energy, has signed an agreement to buy the facility's output for 20 years. Exelon will sell it wholesale to PJM Interconnection LLC, which is the Norristown-based regional transmission organization that coordinates the movement of wholesale electricity across 13 states.
Called the Exelon-Epuron Solar Energy Center, the facility will contain approximately 17,000 solar photovoltaic panels, which are projected to produce 3,700 megawatt hours a year capable of providing electricity to as many as 400 homes. The project is expected to become operational in second quarter 2008.
This will be the nation's fourth largest solar photovoltaic generation project. The others are in California and Arizona. Epuron is funding the project, which is being designed and installed by SunTechnics Energy Systems Inc., also a Conergy subsidiary. Conergy is one of the world's leading developers and financiers of renewable energy projects.
The state is not providing funding for the center, but, in a joint press conference with SunTechnics' CEO Florian Edler and other project participants, Gov. Ed Rendell called this facility "just the tip of the iceberg" in the state's plans for solar-energy development. A year ago, state legislators ruled that Pennsylvania electric utilities companies will be required to obtain 8% of the power they sell from clean, renewable energy sources by 2021, and half of 1% is required to come from solar power.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.