Dominion Snags Third Solar Project This Year

Dominion (NYSE: D  ) announced today that it has acquired a 5 MW solar project from Japanese company Kyocera (NYSE: KYO  ) located in north-central Connecticut.

"Dominion looks forward to supplying solar energy to the people of Connecticut, where we already provide carbon-free nuclear energy from our Millstone Power Station," said CEO of Dominion Generation David Christian in a statement today. "The Somers project joins a growing list of renewable projects that Dominion has announced or brought online this year as we maintain our focus on providing a mix of affordable, clean, and reliable power."

Connecticut Gov. Dannel Malloy referred to the project as "one of the largest solar installations" in the state and noted that Dominion's acquisition will contribute to Connecticut's Comprehensive Energy Strategy.

The project was jointly constructed by Kyocera and California-based CleanPath and is expected to come online in Q4 2013. As with most solar projects, electricity from the facility has already been sold under a 20-year power purchase agreement, this time to Northeast Utilities' Connecticut Power & Light.

Widely known as a natural gas company, this is Dominion's third solar project purchase this year, and the company's generation portfolio currently includes 1,500 MW of renewable energy (mostly wind) under development, in construction, or in operation.

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9/30/2016 4:02 PM
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