VA-based Dominion Resources Buys Indy Solar Farm Projects from MN-based Sunrise Energy Ventures (SEV); Projects are part of IPL Rate REP reverse auction

Posted by Laura Arnold  /   July 22, 2013  /   Posted in Feed-in Tariffs (FiT), Indianapolis Power and Light (IPL), IPL Rate REP, Uncategorized  /   No Comments

Virginia Company Acquires Indiana Solar Farms

At their peak, the arrays are expected to produce a combined output of 28.6 megawatts of electricity.

updated: 7/22/2013 12:48:46 PM

Virginia Company Acquires Indiana Solar Farms

InsideINdianaBusiness.com Report

Virginia-based Dominion Resources Inc. (NYSE:D) has purchased three central Indiana solar farms. The former Minnesota-based Sunrise Energy Ventures LLC projects are under a 15-year power purchase agreement with Indianapolis Power & Light Co. They're expected to be in service by the end of the year.

In 2009, Dominion also partnered with BP Wind Energy to build wind turbines in northwest Indiana.

Sources: Dominion Resources Inc., Inside INdiana Business

July 22, 2013

News Release

RICHMOND, Vir. - Dominion (NYSE:D) has acquired three solar-power development projects near Indianapolis, Ind., from Sunrise Energy Ventures.

Expected to be in service before the end of 2013, the projects will use standard photovoltaic technology with a fixed-axis system to generate a peak combined output of 28.6 megawatts of electricity.

"Dominion has been adding renewable energy to its diversified generation mix and is very pleased to acquire these three solar projects," said David Christian, Dominion Generation CEO. "These projects are consistent with Dominion's promotion of a portfolio of efficient conventional, nuclear and renewable resources."

The three projects are known as Indy Solar I, Indy Solar II and Indy Solar III. Two of the projects, located southeast of Indianapolis in Franklin Township, will be sited on 155 acres. The third, located southwest of Indianapolis, will be sited on 134 acres. All three projects are on flat agricultural and forest land that are well suited for solar installation. The purchase price is confidential.

The projects have 15-year power purchase agreements with Indianapolis Power and Light Company.

[Editor's note: These three solar PV projects are part of the reverse auction IPL conducted as a part of Rate REP. The IPL reverse auction was the conciliation prize for developers who had proposed projects using the IPL voluntary feed-in tariff (VFIT) before IPL changed the terms and conditions of the program. After IPL made changes to Rate REP, these initial projects proposed by developers were no longer eligible for the program.]

AMEC, an international engineering and construction firm with U.S. headquarters in Tucker, Ga., will build the three facilities. AMEC is also building a 7.7 megawatt solar installation for Dominion near Augusta, Ga.

Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,000 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,400 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.

Source: Dominion Resources Inc.

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