ET Solar Energy Corp. announced Aug. 12 that its U.S. subsidiary, ET Capital, along with solar energy developer Geenex have closed financing and started construction on a 20-MW (ac)/30-MW (dc) utility-scale project in Halifax County North Carolina.
“In collaboration with Geenex, we are excited to bring green solar energy to North Carolina as the joint owner and developer of the project,” Dennis She, President and CEO of ET Solar, commented. “This type of scale, unheard of just a few short years ago, would not be possible without the support and dedication of a group of strong partners with a shared vision.”
With this project, due to be completed this year, ET Capital is using a partnership strategy that allows the firm to work with its development and EPC partners in an efficient and sustainable manner that creates a predictable and reliable platform for transacting and closing project opportunities through every phase of development and construction, the company said. The creation of this end-to-end solution relieves the burden of seeking multiple sources of capital, saving time and money while increasing profits.
“The entire project is unique,” said Georg Veit, CEO of Geenex. “It is developed with invaluable/strong support from the County, as part of an economic development agreement, meaning we are doing much more than just building a solar farm. Geenex’s vision doesn’t end with one of the largest solar farms in the southeast but extends much further and shows that the industry will see much more from this young and energetic company. “
The system is being built on the former Halifax County Airport site, which was abandoned when the new Halifax-Northampton Regional Airport went into operation. Adjacent to the solar field, Geenex is building a “solar center of excellence,” a modern education and operations center which will ensure the project brings strong benefits to the community.
Electricity generated by the nearly one hundred thousand modules on over 220 acres will be sold to Virginia Electric and Power d/b/a Dominion North Carolina Power under a 15-year power purchase agreement.
Upon completion of the solar farm, Geenex and ET Capital plan to sell the facility to Duke Energy Renewables. “We will work closely with Geenex and ET Capital during construction, and once the project reaches commercial operation, we look forward to adding such a quality, community-centric installation to our growing portfolio of eastern North Carolina solar projects,” said Brian Stallman, Vice President of Development for Duke Energy Renewables.
Geenex and ET Capital view this project as the beginning of their entry into the North Carolina solar market. “This is just the start,” commented Georg Veit, “We look forward to making a significant economic contribution to the community and providing the residents of Northeast North Carolina with a reliable source of clean, renewable energy.”