Tomahawk, WI 05/27/2014 (Basicsmedia) – Dominion Resources, Inc. (NYSE:D) announced publicly that it has acquired two major solar power projects in Tennessee. Once the projects operate at full swing, the company expects to notch up mass production of renewable energy, up to 32 MW (16 MW energy produced by each project).

New Acquisitions in Tennessee

The solar projects recently acquired by D are Mulberry Farm and Selmar Farm projects, located in the McNairy County area, near Selmer, South-West Tennessee. The source of power in these fixed-tilt and standalone photo-voltaic projects, is direct sunlight. Procuring, engineering and construction of the projects are vested upon Strata Solar LLC in Chapel Hill, NC.

The newly acquired projects are deemed to be completed by the end of Q4 2014. The renewable energy credits and overall electric power generated by these new plants shall be directed to the esteemed Tennessee Valley Authority. However, the transfer of power should be settled solely by a long term agreement called the Power Purchase Agreement.

CEO Speaks

David Christian, the CEO of Dominion Resources, Inc. (NYSE:D), commented this is a coveted move towards Dominion’s exquisite solar-power portfolio. He further commented that it is quintessential to develop this diverse generation mix, that ranges from traditional to renewable energy sources. The idea behind the strategic inclusion of these two projects is to suitably align them in accordance to the unregulated and regulated solar-power generation portfolio.

Solar Power Estimates

If one megawatt of solar power can light up 250 homes on an average, 32 MW can light up 8K homes across Tennessee. In early April, Dominion Resources announced about acquiring six projects across the territories of California.

The acquisitions have lifted Dominion Resources, Inc. (NYSE:D)’s net solar power generation portfolio to a thumping 212 MW – containing 41 MW solar production facilities in Indiana, Connecticut and Georgia, and an additional 139 MW facility in California, which is under construction. Backed by strong quarterly earnings, the company declared doling out dividends worth 60 cents/share to its stockholders.

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