Partnership to Produce Solar Energy in New Jersey
Conectiv Energy announced on Feb. 3 that it intends to enter an agreement with the Vineland Municipal Electric Utility (VMEU) and the Landis Sewerage Authority (LSA) to create a public/private partnership focused on developing a green energy project in New Jersey.
The initial project is a design-build 4-MW photovoltaic solar power-generating facility. The facility will be located in Vineland and will use industrially zoned property on 28 acres of unused LSA property.
The utility will take all the power from the facility through a long-term power purchase agreement. The terms of the agreement will guarantee a savings over power market costs for utility customers for all energy produced by the solar facility.
The solar energy facility, one of the largest in New Jersey, will be named Vineland Solar One and is expected to start producing green energy by the end of 2009.
When the facility is producing at its maximum output, it will generate enough solar energy to serve the electricity needs of 400 to 500 average-sized homes in Vineland.
Conectiv Energy will retain the solar renewable energy credits (SRECs) produced by the project to use for the load it serves in New Jersey as a result of the BGS auction process.
"This project accelerates the reality of a greener future for the residents of the city of Vineland and the customers of Vineland Electric" said Vineland Mayor Robert Romano, "the partnership is a platform to look at similar opportunities in the future."
Conectiv Energy is the competitive wholesale energy producing subsidiary of Pepco Holdings Inc. The company is an asset-backed merchant energy business using risk management tools, regional expertise, and intellectual capital to optimize the value of its regional energy portfolio in the wholesale energy marketplace.