Lincoln Renewable Energy (LRE), a developer of utility-level solar and wind power generating projects in the US, declared that it has concluded a power sales and project finance agreement, valued at $41 million, with Macquarie Energy.
As per the clauses of the agreement, Macquarie Energy will enter into a long-term power purchase accord for renewable energy credits and power accrued from the Oak Solar project, which is located in New Jersey and owned by LRE. Macquarie Energy will invest the finance needed for the construction and the project’s term debt. LRE will assume long-term ownership of the power generation facility.
The proposed 10 MW solar photovoltaic project will be located at the Fairfield Township in Cumberland County. The project planned over an area of 100 acres will incorporate around 55,000 solar panels. LRE has entered into an accord with The Ryan Company, an auxiliary of Quanta Services, to complete the construction of the Oak Solar facility, Both the companies will offer all-inclusive engineering, procurement and construction (EPC) services needed for the project. Quanta Services, under a contract with LRE, will manage and operate the solar power facility. Construction of the project is anticipated to commence in June and is expected to get completed in December this year.
LRE has completed the required site identification by acquiring permission, provided the finance, and started construction work for the project within a period of 18 months. The company is currently developing 25 solar projects worth 700 MW in over 10 states of the US.