Lincoln Renewable Energy (LRE), a developer of U.S. solar and wind power projects, announced the close of a $41 million power sales and project finance deal with Macquarie Energy LLC.
Macquarie Energy signed a long-term purchase agreement for power and renewable energy credits from the 10 MW New Jersey Oak Solar project owned by LRE. Macquarie will also provide construction finance and term debt to the project.
The Ryan Co., a unit of Quanta Services Inc., will provide engineering, procurement and construction services for the plant and Quanta will operate and maintain the plant. The project will use 55,000 solar panels constructed on a 100-acre site and will connect to Atlantic City Electric's distribution system. Construction is expected to begin in June and be completed by December.
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