North Carolina has become home to many utility-scale solar projects in the past year. Due to this, it has moved up through the ranks to take second place in the list of top solar states, only falling behind California.
ET Solar Energy Corp’s subsidiary, ET Capital, and Geenex are now adding anotherl utility-scale project to the mix, having closed financing and started construction on a nearly 30 MW project. The solar plant will be completed and connected to the grid this year in Halifax County.
“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. We appreciate their efforts and look forward to working closely with Geenex to accomplish more projects in the future.”
Having just been established, ET Capital is showing its partnership strategy works, and is able to create a predictable and reliable platform for transacting and closing project opportunities. 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 upon operation of the new Halifax-Northampton Regional Airport. Solar power development at this site allows Halifax County to put idle property into productive use and generate revenues for the County. Adjacent to the solar field, Geenex is building the Solar Center of Excellence, a modern education and operations center that will ensure the project brings strong benefits to the community. The center will be a pathway to education, training, and employment in renewable energy. Electricity generated by the plant will be sold to 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, Duke Energy Renewables.