A real estate services company and a solar development and finance company have collaborated to deliver one of the largest solar projects in the South.
The power will be sold under a long-term contract to the Cobb Electric Membership Corp., or Cobb EMC, in Georgia.
CBRE Solar and Jacoby Development, Inc., have signed a power purchase agreement with Cobb EMC to buy generation from the largest solar power plant to be built in Georgia. The 10-MW photovoltaic ground-mounted project will be built in Washington County, Ga.
Washington County is an area where several Georgia cooperatives have tried to license a new coal-fired power plant during the past couple of years.
“This project combines the best of what we’ve accomplished in more than a decade of leading redevelopment efforts with what we’ve learned in pursuit of new energy opportunities,” said Scott Condra, Jacoby’s Senior Vice President for Development. ‘We’re confident that this team will deliver the project and the economic development that will come with it.”
Under terms of the agreement, CBRE Solar – a strategic collaboration between CBRE Group, the largest real estate services company in the world, and Smart Energy Capital, a leading solar development and finance company – and Jacoby Development, a leading redeveloper in the Southeast, will develop, finance, and build the facility and sell all of the power to Cobb EMC through a 25-year Purchase Power Agreement.
“Solar is a great engine for economic development while providing clean, renewable, peak power for the local community,” said Michael Grenier, Managing Partner at Smart Energy Capital. CBRE Solar is a strategic collaboration between CBRE Group, Inc and Smart Energy Capital, LLC, for the marketing and delivery of a broad range of solar services throughout the United States and Canada.
Smart Energy Capital, LLC develops of solar energy projects for commercial, government and utility customers. The company manages the development, financing, installation and operations of distributed power plants throughout the United States.