Dominion Energy Acquires Central Virginia Solar Project
Dominion Energy (NYSE: D) has acquired the 62.5-megawatt Madison Solar generating facility in Orange County, Virginia, from Cypress Creek Renewables. The facility is set to become operational in Q2 2022 and will provide renewable energy to Northrop Grumman under long-term agreements, covering 100% of its Virginia operations' electricity needs. This acquisition is part of Dominion's strategy to add 16,000 megawatts of solar capacity in Virginia by 2045, aligning with the Virginia Clean Economy Act. The company aims for net-zero carbon emissions by 2050.
- Acquisition strengthens Dominion's solar portfolio, contributing to long-term renewable energy goals.
- Partnership with Northrop Grumman aligns with sustainability commitments and provides stable long-term revenue.
- Supports Dominion's plan to meet Virginia Clean Economy Act requirements for zero-carbon electricity by 2045.
- None.
RICHMOND, Va., Aug. 17, 2020 /PRNewswire/ -- Dominion Energy (NYSE: D) announced today that it has acquired the 62.5-megawatt (AC) Madison Solar generating facility in Orange County, Va., from Cypress Creek Renewables. The project, which will be owned by Dominion Energy's contracted assets arm and which has received all applicable state and local permits, is expected to enter service in the second quarter of 2022.
Falls Church, Va.-based Northrop Grumman Corporation will take the electricity generated at Madison Solar as well as the renewable energy credits, under long-term agreements. Northrop Grumman anticipates that the facility will provide enough renewable power to the grid to match 100 percent of its Virginia manufacturing and office operations' electricity use.
"If we can help our customers – both large and small – add more renewables and provide cleaner electricity," said Robert M. Blue, Dominion's executive vice president and co-chief operating officer, "that's a win for our customers and the Commonwealth of Virginia."
As part of the Virginia Clean Economy Act's requirement for zero-carbon electricity by 2045, over the next 15 years Dominion Energy plans to add about 16,000 megawatts of solar generating capacity through company-owned projects and power purchase agreements signed with third-party developers in Virginia. It has also met its stated 2018 goal of bringing online, beginning development on, or signing contracts for 3,000 megawatts of solar and wind generating capacity in Virginia by the beginning of 2022. The company's solar portfolio was recently ranked third by S&P Global Market Intelligence among utility holding companies in the U.S.
"Northrop Grumman has a long-standing commitment to environmental sustainability and greenhouse gas emissions reductions," said Sandra Evers-Manly, vice president of global corporate responsibility, Northrop Grumman. "As we look beyond our 2020 goals, this project will play an important role in the next generation of our climate-related commitments."
"Our mission of powering a sustainable future one project at a time drives us to create valuable partnerships and projects," said Cassidy DeLine, vice president of Project Finance, Cypress Creek Renewables. "Our collaboration with Dominion and Northrop Grumman on the Madison project reinforces our commitment to developing solar in the nation's largest wholesale electricity market, PJM, and delivering long-term benefits for Orange County, Va."
About 660 acres of land along State Route 20 in Locust Grove, Va., are being purchased to house the solar development.
More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
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SOURCE Dominion Energy
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