FirstEnergy Corp. announced that its FirstEnergy Solutions subsidiary has signed a long-term agreement to purchase the output from the Maryland Solar Farm, a green energy facility planned for Hagerstown, Md. When the development is completed by Maryland Solar LLC, the facility will be the largest solar facility in Maryland and among the largest on the East Coast.
Under the terms of the agreement, FirstEnergy Solutions will purchase the facility's 20-megawatt 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.
"The Maryland Solar Farm represents our largest solar power agreement to date and will continue to position FirstEnergy Solutions among the foremost renewable energy suppliers in the region," said Donald R. Schneider, president of FirstEnergy Solutions. "FirstEnergy Solutions is proud to play a key role in the development of renewable energy across the country with more than 500 megawatts of wind and solar power under long-term contracts."
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.
