[The Vector] Largest Solar Farm in the US Northeast Breaks Ground
A renewable energy surge is happening in New Jersey, and it is focused on solar. Con Edison Development (NYSE: ED) along with Panda Power Funds broke ground on a 20 MW solar electric generating station on October 20th, 2010. Located in Pilesgrove, NJ, the farm will have the capacity to power more than 5,100 homes and will create more than 100 construction jobs.
Construction of the 71,400 panel farm will start in the Spring. New Jersey State Senate President, Stephen Sweeney, said at the groundbreaking: “…This project is proof that our commitment to strong public-private cooperation is a model for success. The future of alternative energy is now. This project is about creating the sustainable partnerships that will benefit residents, the environment and the economy.”
President of Panda Power Funds, Todd Carter, added, “Garden-state legislators have incentivized us to create jobs with free-market mechanisms – not costly government subsidies, grants or cumbersome loan guarantees. We’re very pleased to be here and to work with a company that has the experience of Con Edison Development.”
Con Edison will have the primary responsibility for managing the operation, maintenance and financing as well as marketing the energy. Panda Power Funds assumes primary responsibility for managing project-related development, engineering and construction.
In 2005, Newsweek Magazine recognized Panda as one of the ten most eco-friendly energy companies in the U.S. It has won a number of awards. The company has developed, financed, constructed and operated large-scale facilities here and abroad.
