Dominion to Acquire Large-Scale Solar Facility Under Construction in North Carolina
RICHMOND, Va., May 4, 2017 /PRNewswire/ -- Dominion (NYSE: D) today announced that it plans to purchase a 79-megawatt solar energy facility under construction in Anson County, N.C., from Cypress Creek Renewables, LLC. A power purchase agreement is in place for the offtake from the solar facility.
"Dominion is pleased to expand its solar power portfolio in North Carolina," said Paul D. Koonce, president and chief executive officer of the Dominion Generation Group, which oversees 26,200 megawatts of electric generating capacity in 11 states. "Today's announcement aligns with our goal of adding carbon-free, cost-effective generation to our fleet."
"We are thrilled to be working with Dominion on this project," said Matthew McGovern, CEO of Cypress Creek Renewables. "Their growing renewable energy portfolio sets them apart from their peers and positions Dominion to continue its leadership role in the energy market of the future."
The IS37 solar facility, located on a 550-acre tract of land near Morven, N.C., is being constructed by an affiliate of Cypress Creek Renewables. A subsidiary of Dominion Energy, Inc., a wholly owned subsidiary of Dominion, has agreed to acquire the facility upon completion, expected in the second quarter of 2017. About 450 workers are expected onsite during the peak of construction.
The company has 535 megawatts of solar generating capacity – or enough to power nearly 135,000 homes and businesses at times of peak use – under development or in operation in North Carolina and Virginia. Dominion's North Carolina solar fleet also includes the 20-megawatt Morgans Corner array in Pasquotank County and the 60-megawatt Summit Farms facility in Currituck County.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 26,200 megawatts of generation, 15,000 miles of natural gas transmission, gathering and storage pipeline, and 6,600 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company's website at www.dom.com.
About Cypress Creek Renewables
Cypress Creek Renewables partners with local communities to provide widespread access to affordable, clean energy. With over 5 gigawatts of solar deployed or in development (enough to power nearly 1,000,000 homes), Cypress Creek Renewables is one of the largest and fastest-growing dedicated providers of local solar farms.