Con Edison Development, a subsidiary of Consolidated Edison, Inc. (NYSE: ED), and Panda Power Funds broke ground on a 20-megawatt (MW) solar power plant this week in Pilesgrove, NJ.
The solar farm will be one of the largest photovoltaic installations on the East Coast.
Developers of the solar farm said that State of New Jersey incentive programs played a vital role in making the large-scale solar project possible.
"Thanks to an intelligent partnership between government and the private sector, New Jersey has become the tip of the sword in the green-energy economy," said Todd Carter, president and managing partner of Panda Power Funds. "Garden-state legislators have incentivized us to create jobs with free-market mechanisms–not costly government subsidies, grants or cumbersome loan guarantees"
Panda Power Funds and Con Edison Development signed an agreement in April to develop, construct and operate utility-scale solar projects in the Northeast. The companies serve as equal partners in the joint venture. Panda Power Funds assumes primary responsibility for managing project-related development, engineering and construction. Con Edison Development assumes primary responsibility for managing the operation, maintenance and financing of the facilities, and marketing the energy and renewable attributes produced by the entire facility.
Pilesgrove is located 30 miles southeast of Philadelphia in Salem County, New Jersey. Atlantic City Electric will be the host utility for the project.
Launched in 1997, Con Edison Development focuses on the development, ownership and operation of renewable and energy infrastructure projects in the Northeast.
Panda Power Funds, through its predecessor organization Panda Energy, has developed, financed, constructed and operated large-scale energy facilities both domestically and internationally.
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