Lincoln Renewable Energy, a utility-scale developer of U.S. solar and wind projects, has closed financing for its New Jersey Oak Solar project.
The 10 MW solar photovoltaic (PV) will be the largest non-utility owned plant east of the Mississippi, and will supply electricity for 2000 homes.
55,000 solar panels will be on a 100-acre non-agricultural site in Fairfield Township, Cumberland County, connected to Atlantic City Electric's distribution system.
The financing is with Macquarie Energy LLC, which will also enter into a $41 million power purchase agreement for the energy and renewable energy credits from the project.
The Ryan Company, a subsidiary of Quanta Services (NYSE: PWR) will build the facility, and Quanta Renewable Energy will operate and maintain it. Construction begins in June and should be completed in December.
"This demonstrates that when the right policies are in place, even in the current difficult economy, investment will flow to create much-needed energy infrastructure. The result is not just clean energy, but employment and a major boost to the local tax base," said Lincoln CEO Declan Flanagan.
"LRE has moved the Oak Solar project from site identification through permitting, financing and into construction in under 18 months. This rapid deployment needs to be replicated across the United States and the formula is simple: With the right policies at state and federal levels, companies such as LRE will do the rest," continued Flanagan.
Lincoln is developing solar PV projects in 10 states for a total of 700 MW across 25 projects.
The company formed in 2009 and has raised more than $65 million in equity and project finance.
