Dominion Resources, (D 1.10%) announced Thursday that it is buying a 20 megawatt California solar farm from privately held EDF Renewable Energy.
Dominion is no stranger to solar. The company bought up six California solar farms totaling 139 MW in April. "California leads the nation in solar generation and the experience and knowledge we gather there will serve us well as we expand our solar portfolio into other areas," said David Christian, chief executive officer for Dominion Generation, in today's press release. "This project fits well within our portfolio of regulated and long-term contracted assets."
Dominion expects the project to qualify for the Federal Investment Tax Credit, which allows the company to snag a rebate on 30% of all expenditures. Dominion will also receive a 20-year Power Purchase Agreement coupled with its acquisition, creating reliable revenue for years to come.
Dominion expects this project and its other recent California purchases to all come online later this year. When everything is up and running, Dominion Resources will be churning out 232 megawatts of solar capacity.
