Ecoplexus Inc. has closed financing and commenced construction on three solar photovoltaic (PV) projects in North Carolina totaling 21 MW, representing approximately $40m in project costs.
The projects have signed long-term power purchase agreements contracts with Duke Energy Progress, part of Duke Energy (NYSE: DUK), and are expected to achieve commercial operations in 2014.
The three projects – called Langley PV1, Carter PV1, and Pecan PV1 – are the first Ecoplexus projects in North Carolina to commence construction. Over the last two and half years, the company has developed a pipeline of 30 additional projects in North Carolina representing over 300 MW, which it expects to construct on in 2015 and 2016.
“After constructing 40 solar PV projects in other States, it’s exciting for Ecoplexus to break ground on the first projects in our North Carolina portfolio,” said Erik Stuebe, President of Ecoplexus, in an Oct. 20 statement. “We are planning an aggressive construction schedule in North Carolina and we expect to construct and commission approximately 40 MW per calendar quarter over the next two years.”
Stuebe added that the projects will help lock-in low long-term energy rates for North Carolina consumers and provide a hedge against rate increases from natural gas and other fossil fuel sources.
Ecoplexus develops and operates distributed generation solar PV projects for the wholesale and retail distributed generation markets in the U.S. and Japan. The company’s project pipeline in the U.S. and Japan exceeds 500 MW, and represents approximately $1bn in project value. The company also provides operation and maintenance (O&M) services for investor/owners, including two Fortune 500 companies, for approximately 40 projects.