BP Solar (NYSE: BP) and MetLife (NYSE: MET) have agreed to joint ownership of the Long Island Solar Farm, a 32-megawatts (MW) solar energy project under construction at the U.S. Department of Energy, Brookhaven National Laboratory in Upton, NY.
BP Solar is building and will operate and maintain the 200-acre facility and MetLife is serving as an investor partner. All energy generated from the facility will be sold under a 20-year power purchase agreement to the Long Island Power Authority.
The solar farm, constructed with over 164,000 BP Solar crystalline silicon photovoltaic modules, will be operational in late 2011 and is expected to generate enough energy to meet the needs of 4,500 average Long Island homes. CP Energy served as financial advisor to MetLife on this transaction.
