Dallas-based energy investor Panda Power Funds and Con Edison Development, a wholly owned subsidiary of US-based energy investor, Consolidated Edison, have invested in a 20-megawatt solar power plant in New Jersey.
The solar electric generating station in Pilesgrove, New Jersey is one of the largest solar farms in the US, according to a press release. Once developed, it will have the capacity to power more than 5,100 homes with clean and renewable energy.
According to government estimates, demand for solar energy over the past 15 years has grown at an annual rate of approximately 30 percent.
The two companies signed an agreement in April this year to develop, construct and operate utility-scale solar projects in the north-east US. The companies are equal partners in the joint venture.
While primary responsibility for managing project-related development, engineering and construction will be assumed by Panda Power Funds, Con Edison Development will manage the operation, maintenance and financing of the facilities and market the energy and renewable attributes produced by the entire facility.
According to media reports, the solar farm is expected to open in the spring of 2011.