Dominion acquires six solar projects in California

Source:Dominion

Dominion significantly increases its solar generation portfolio with acquisition of six soalr renewable energy projects in California

Dominion (NYSE:D) announced the acquisition of six solar development projects from Recurrent Energy, one of North America's largest developers of utility scale solar projects.

The solar project sites are located in California's Fresno, Kern, and Kings counties.

"This investment is another important step forward for Dominion as we expand our renewable energy portfolio," said Dominion Chairman, President and Chief Executive Officer Thomas F. Farrell II. "These projects fit well within our portfolio of regulated and long-term contracted assets."

Long-term power purchase, interconnection, engineering, procurement and construction – and operation and maintenance agreements have been executed for each of the projects. Recurrent Energy will continue to support Dominion through the completion of these projects.

Construction commenced in the first quarter of this year and all of the solar facilities are expected to reach commercial operation in late 2014 or early 2015. All of the projects are expected to qualify for the Federal Investment Tax Credit and support Dominion's growth plan.

Dominion currently has 41 megawatts of solar energy at sites in Georgia, Connecticut and Indiana.

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