August 12, 2014 - ET Solar Energy Corp. announced that its U.S. subsidiary ET Capital, with Geenex have closed financing and started construction on a 20MW AC - 30MW DC utility-scale project which will be completed and connected to the grid this year in Halifax County North Carolina.
"In collaboration with Geenex, we are excited to bring green solar energy to North Carolina as the joint owner and developer of the project," Dennis She, President and CEO of ET Solar, commented. "This type of scale, unheard of just a few short years ago, would not be possible without the support and dedication of a group of strong partners with a shared vision. We appreciate their efforts and look forward to working closely with Geenex to accomplish more projects in the future."
With this project, ET Capital has showcased its partnership strategy that allows the firm to work with its development and EPC partners in an efficient and sustainable manner that creates a predictable and reliable platform for transacting and closing project opportunities through every phase of development and construction. The creation of this end-to-end solution relieves the burden of seeking multiple sources of capital, saving time and money while increasing profits.
"The entire project is unique," said Georg Veit, CEO of Geenex. "It is developed with invaluable/strong support from the County, as part of an economic development agreement, meaning we are doing much more than just building a solar farm. Geenex's vision doesn't end with one of the largest solar farms in the southeast but extends much further and shows that the industry will see much more from this young and energetic company. "
The system is being built on the former Halifax County Airport site. Solar power development at this site allows Halifax County to put idle property into productive use and generate revenues for the County. Adjacent to the solar field, Geenex is building the solar center of excellence. The Center will be a pathway to education, training, and employment in renewable energy, as well provide the infrastructure through which the solar industry can grow. Electricity generated by the nearly one hundred thousand modules on over 220 acres will be sold to Dominion North Carolina Power under a 15-year power purchase agreement.
Upon completion of the solar farm, Geenex and ET Capital plan to sell the facility to Duke Energy Renewables. "We will work closely with Geenex and ET Capital during construction, and once the project reaches commercial operation, we look forward to adding such a quality, community-centric installation to our growing portfolio of eastern North Carolina solar projects," said Brian Stallman, Vice President of Development, Duke Energy Renewables.
Geenex and ET Capital view this project as the beginning of their entry into the North Carolina solar market. "This is just the start," commented Georg Veit, "We look forward to making a significant economic contribution to the community and providing the residents of Northeast North Carolina with a reliable source of clean, renewable energy."