By Greentech Lead America: Lincoln Renewable Energy
(LRE), a developer of solar and wind projects, officially dedicated its 12.5
mega-watt NJ Oak solar project in Cumberland County. The project is the largest
non-utility-owned solar project east of the Mississippi. NJ Oak solar project
spreads over 100-acre site and consists of approximately 53,000 solar panels.
LRE also has formed a 50/50Â joint
venture company with Samsung C&T to further advance its business
plan in U.S. renewable energy. The joint venture company named Monument Power.
LRE has contributed its most advanced solar PV project-development sites to
Monument Power.
Monument Power is currently developing multiple utility
scale solar PV projects ranging in size from 10 to 50 megawatts in California,
Nevada, Colorado, Virginia and New Jersey with advanced plans for over $500
million in capital expenditure.
“We are delighted to reach another key milestone in
the growth of our company with the completion of the Oak project. We also are
delighted to announce our partnership with a company of the strength of Samsung
C&T. Combining LRE’s proven project-development capability with Samsung
C&T’s global strength in engineering, procurement, construction and
operation of major infrastructure is an extremely complimentary
partnership,” said Declan Flanagan, CEO, LRE.
LRE has raised more than $100 million in external financing to
fund its growth and is developing more than 30 solar and wind projects in 11
states managed from offices in Chicago, Austin, Denver and Hoboken, N.J.
editor@greentechlead.com