Provided by NOVEC
Northern Virginia Electric Cooperative (NOVEC) and D. E. Shaw Renewable Investments (DESRI) recently reached an agreement for NOVEC to purchase approximately 300 megawatts (MW) of electrical energy output from solar facilities owned by DESRI. NOVEC selected DESRI from among multiple bidders to provide the cooperative with additional renewable resources.
“This agreement with DESRI is another step toward meeting our customers’ expectations for more renewable energy in NOVEC’s resource mix,” says NOVEC President and CEO Stan Feuerberg. “Purchasing the output from these new solar facilities will be a valuable addition to our energy supply.”
The agreement between NOVEC and DESRI formalizes the partnership to develop and construct solar-electric generation facilities within the Dominion/PJM footprint. PJM is the regional transmission organization that serves 13 states, including Virginia, and the District of Columbia.
“This addition of solar generated electricity will become NOVEC’s largest source of renewable energy,” says Gil Jaramillo, manager, portfolio optimization and business development. “Additionally, its projected cost is competitive with the marketplace for comparable on-peak energy.”
DESRI owns and operates solar facilities across the United States and has additional facilities in development and under consideration. The planned facilities that would sell energy to NOVEC are expected to consist of ground-mounted solar panels that track the sun’s movement throughout the daylight hours to produce an estimated 300 peak MW of electricity. These in-development solar facilities are expected to achieve commercial operation by 2023.
“The solar plants are a welcome addition to NOVEC’s current 60 megawatts of renewable resources that include hydroelectric, woody biomass, solar, and landfill methane gas recovery,” says John Rainey, director, origination and plant operations.
D.E.Shaw Renewable Investments (DESRI)
“The DESRI team is thrilled to partner with NOVEC to bring low-cost solar power to Virginia residents,” says David Zwillinger, DESRI president. “We are committed to growing the renewable energy economy in the region.”
The solar facilities involved in the agreement are expected to produce enough electricity to power nearly 73,000 homes, or the equivalent of taking nearly 37,000 passenger vehicles off the road. They are also expected to create 250 jobs during construction with an emphasis on hiring from local communities.
“NOVEC’s strategy is to continue improving our environmental footprint through the addition of new renewable energy sources that are not only clean, but also affordable,” says Feuerberg. “The partnership with DESRI does just that.”