Pardee spends $1.1m on small solar project in Rhode Island

Pardee Resources (OTC: PDER) reported Aug. 1 that its subsidiary, Pardee Solar 1 LLC, recently closed on an investment in a renewable energy partnership that owns a ground-mounted 1.25 MW (dc) solar photovoltaic  system located in Foster, Rhode Island.

The company’s investment in this partnership is $1.1m. The funding for this investment will be through available cash and is subject to the system being successfully placed in operation which is expected in the near future.

“Pardee is pleased to add this renewable energy investment to our Alternative Energy Division’s portfolio” said President and CEO Carleton P. Erdman.

http://www.prnewswire.com/news-releases/pardee-resources-company-solar-acquisition-300306862.html

 

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.