FirstEnergy power purchase agreement key to development of Maryland solar project
Under the terms of the agreement, FirstEnergy Solutions will purchase the facility's 20-MW output for 20 years
Akron, Ohio, December 1, 2011 — FirstEnergy Corp. announced that its FirstEnergy Solutions unit has signed a long-term agreement to purchase the output from the Maryland Solar Farm, a green energy facility planned for Hagerstown, Md.
Under the terms of the agreement, FirstEnergy Solutions will purchase the facility's 20-MW output for 20 years. The long-term purchase power agreement demonstrates that Maryland Solar will have a guaranteed source of revenue, a critical milestone for the project to obtain financing. In addition, FirstEnergy Solutions will obtain the Renewable Energy Credits produced by the facility.
Construction of the $70-million Maryland Solar Farm project, to be located on 250 acres of state-owned correctional facility land near Hagerstown, is expected to begin by the end of the year, with completion scheduled for the fourth quarter of 2012. The project is anticipated to be operational in 2013.