D. E. Shaw Renewable Investments signs PPA for 300 MW of Solar within the PJM Territory in US

Northern Virginia Electric Cooperative (NOVEC) and D. E. Shaw Renewable Investments (DESRI) has reached an agreement for NOVEC to purchase approximately 300 megawatts (MW) of electrical energy output from solar facilities owned by DESRI. NOVEC selected DESRI from among multiple bidders to provide the cooperative with additional renewable resources. 

The agreement between NOVEC and DESRI formalizes the partnership to develop and construct solar-electric generation facilities within the Dominion/PJM footprint. PJM is a regional transmission organization that serves 13 states, including Virginia, and the District of Columbia.

DESRI owns and operates solar facilities across the United States and has additional facilities in development and under consideration. The planned facilities that would sell energy to NOVEC are expected to consist of ground-mounted solar panels that track the sun’s movement throughout the daylight hours to produce an estimated 300 peak MW of electricity. These in-development solar facilities are expected to achieve commercial operation by 2023.

The solar facilities involved in the agreement are expected to produce enough electricity to power nearly 73,000 homes, or the equivalent of taking nearly 37,000 passenger vehicles off the road. They are also expected to create 250 jobs during construction with an emphasis on hiring from local communities.