Dominion (NYSE: D), one of the nation's largest energy providers, has acquired a solar energy development project in Georgia from Smart Energy Capital and Jacoby Development. The project is to begin commercial operation late this year.
Dominion's Azalea Solar Power Facility, near Augusta in east-central Georgia, is planned to produce approximately 7.7 megawatts (AC) using photovoltaic technology. Dominion will select a contractor and oversee the construction of the project. The purchase price is confidential.
"The addition of this solar project to Dominion's generation portfolio is consistent with our philosophy, which recognizes that affordable and reliable electric supply depends on a proper balance of all types of generation: nuclear, clean coal, biomass, natural gas, hydro-power, wind and solar," said Thomas F. Farrell II, chairman, president and chief executive officer. "Dominion is excited to add its first generation-scale solar project to its energy mix."
The project has a long-term power purchase agreement with Cobb Electric Membership Corp., a local electric cooperative, providing predictable revenue. Dominion also will gain valuable solar experience from the construction and operation of this project.
"The experience to be gained from this project should benefit Dominion as it begins to add solar generation in its Dominion Virginia Power service area," Farrell said.
The 40-acre project is located on 100 acres of farm and forest land about 60 miles southwest of Augusta, Ga. The project has a 25-year purchase power agreement with Cobb, one of the largest electric cooperatives in Georgia, serving roughly 200,000 customers. The expected start of commercial operations is Dec. 1.