Lincoln Renewable Energy (LRE), on May 10 dedicated its 12 MW NJ Oak solar project. Local officials joined LRE management at the project site in Cumberland County, N.J., which consists of approximately 53,000 solar panels constructed on a 100-acre site. It is the largest non-utility-owned solar project east of the Mississippi.
The project is connected to Atlantic City Electric’s distribution system.
“We are delighted to reach another key milestone in the growth of our company with the completion of the Oak project. We also are delighted to announce our partnership with a company of the strength of Samsung C&T. Combining LRE’s proven project-development capability with Samsung C&T’s global strength in engineering, procurement, construction and operation of major infrastructure is an extremely complimentary partnership,” LRE CEO Declan Flanagan said at the event.
LRE also announced it has formed a partnership with Samsung C&T Corporation to further advance its business plan in U.S. renewable energy. Samsung C&T and LRE have formed a 50/50 joint venture company named Monument Power LLC. LRE has contributed its most advanced solar PV project-development sites to Monument Power. LRE has wind and solar projects under development in 11 states.
Since its formation in 2009, LRE is a developer of solar and wind projects from greenfield concept through commercial operation. LRE has raised more than $100 million in external financing to fund its growth and is developing more than 30 solar and wind projects in 11 states managed from offices in Chicago, Austin, Denver and Hoboken, N.J.
Monument Power is a joint venture of Samsung C&T Corp. and Lincoln Renewable Energy. The company is currently developing multiple utility scale solar PV projects ranging in size from 10 to 50 megawatts in California, Nevada, Colorado, Virginia and New Jersey with advanced plans for over $500 million in capital expenditure.