RICHMOND, Va., March 1, 2013 /PRNewswire/ -- 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.
Smart Energy Capital is a finance, investment and development company focused on the commercial and small utility segments of the solar PV industry in North America. The company enables its customers to consume solar generated electricity without a capital investment and with a reduction in their electricity costs and enables its investors to realize attractive, risk-adjusted returns. The company has completed over 70 megawatts of projects and deployed over $250 million of project capital for public and private schools and universities, municipalities, commercial entities, investor owned utilities, municipal utilities and electric cooperatives. The company is headquartered in White Plains, N.Y., and maintains an additional office in Portland, Ore. Further information is available at www.smartenergycapital.com.
Jacoby Development is part of the Jacoby Group. Based in Atlanta, Ga., the Jacoby Group of Companies is focused on real estate, education, energy and healthcare - all with an emphasis on sustaining the environment and seeking solutions for tomorrow's generations. Founded by Jim Jacoby in 1975, the company has expanded its focus from initial endeavors in "traditional" retail center development to broader projects that embrace and promote environmental stewardship. Today, Jacoby Development's initiatives include mixed use development, Brownfields reclamation and redevelopment as well as alternative energy development. Further information is available at www.thejacobygroup.com.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.
For further information: Dominion, Media, Greg Edwards, +1-804-771-6115, Gregory.P.Edwards@dom.com; Analysts, Nathan Frost, +1-804-819-2187, Nathan.J.Frost@dom.com