The development of 140 MW of new solar capacity in New Jersey has now moved a step closer to fruition — the Public Services and Utility Group (PSEG) recently reached agreement with the New Jersey Board of Public Utilities (BPU) with regards to PSEG’s plan to invest nearly $500 million into solar energy development within the state.
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The plan is to invest $247 million into the development of 42 MW of new solar energy capacity on brownfield and landfill sites, and a further 3 MW into smaller pilot projects.
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This will be followed by the investment of a further $199 million into 97.5 MW of new capacity under a separate program, Solar Loan III.
The news is an especially good sign, because it was originally set to be for a five-year period and that has been cut to three.
The final decision by New Jersey BPU, which has yet to be made, is expected by the end of May.
