Apr. 27, 2011 (PR Newswire) --
CHICAGO, April 27, 2011 /PRNewswire/ -- Lincoln Renewable Energy (LRE), a developer of U.S. solar and wind power projects, today announced the close of a $41 million power sales and project finance deal with Macquarie Energy LLC. As part of the deal, Macquarie Energy will enter into a long-term purchase agreement for power and renewable energy credits from LRE's New Jersey Oak Solar project. Macquarie Energy will also provide construction finance and term debt to the project. LRE will be the long-term owner of the facility.
The New Jersey Oak Solar project is a 10-megawatt solar photovoltaic (PV) project to be constructed in Fairfield Township, Cumberland County. The project will consist of some 55,000 solar panels constructed on a 100-acre site and will connect to Atlantic City Electric's distribution system. When completed later this year, the New Jersey Oak Solar project will be the largest non-utility owned solar project east of the Mississippi.
LRE also announced it has signed an agreement with The Ryan Company, a subsidiary of Quanta Services Inc. (NYSE: PWR) for the construction of the Oak Solar facility. Quanta Renewable Energy Services and The Ryan Company will provide comprehensive engineering, procurement and construction services. Following project completion, Quanta will operate and maintain the facility under contract with LRE. Construction is projected to begin in June with an estimated project completion date of December.
"We are delighted to reach this critical milestone in the development of our Oak Solar project," commented LRE CEO Declan Flanagan. "This highly innovative project clearly demonstrates that when the right policies are in place, even in the current difficult economy, investment will flow to create much-needed energy infrastructure.