PSEG Solar Source is expanding its portfolio, adding a 13-megawatt solar project near El Paso, TX, in a $22 million deal.
The acquisition of the facility, located 14 miles north of El Paso, will increase the company’s solar capacity to 106 megawatts. PSEG Solar Source is a subsidiary of PSEG Power, which is part of Newark-based Public Service Enterprise Group (PSEG).
The plant was originally developed by juwi Solar Inc. (JSI) and has a 30-year power-purchase agreement with El Paso Electric Co. This is eighth solar project in seven states for PSEG Solar Source. It also owns solar installations in California, Arizona, Delaware, Ohio, Florida, and New Jersey.
The Texas project, still in development but expected to be completed by year’s end, was acquired from JSI, a privately held solar generation company based in Boulder, CO. JSI will operate the facility for PSEG Solar Source once it is completed.
“We are actively evaluating solar projects throughout North America and are pleased to be making our first solar investment in Texas,’’ said Diana Drysdale, president of PSEG Solar Source. “In addition to continuing expansion into more states, this project will increase our solar capacity to more than 100 megawatts, which is a great milestone as we build our business.’’
The El Paso facility is not the largest acquired by PSEG Solar Source, which has a 25.2-megawatt solar farm 30 miles south of Phoenix, AZ. It also has a smaller 2.2-megawatt solar project adjacent to the Mars headquarters in Hackettstown.
PSEG has been aggressively pursuing other solar projects in New Jersey through its regulated utility, Public Service Electric & Gas. The utility won approval a year ago to invest nearly half a billion dollars in solar projects, including solar farms on landfills and former brownfields.
The state’s largest utility has been by far the most aggressive in promoting the development of solar in New Jersey — a trend reinforced by the thousands of solar panels seen by residents on the company’s utility poles around the state.