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Dominion Announces Georgia Solar Project

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On Friday, electric-and-natural gas utility Dominion (NYSE: D  ) announced that it has purchased a solar power project in Georgia that was initially developed by Smart Energy Capital and Jacoby Development. Located on 100 acres of farm and forest land about 60 miles southwest of Augusta, Ga., the Azalea Solar Power Facility is of a size sufficient to produce 7.7 megawatts of solar power -- enough power to supply about 6,400 average homes with electricity. It is slated to begin supplying power to local electric co-op Cobb Electric Membership on Dec. 1.

This is Dominion's first foray into the field of solar power, and as Dominion explained in a press release describing the purchase, it's doing this deal in part to "gain valuable solar experience from the construction and operation of this project."

Financial terms of the purchase were not disclosed.

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9/30/2016 1:02 PM
D $74.26 Down -0.49 -0.66%
Dominion Resources CAPS Rating: ***