The North Carolina 47MW Project (NC-47) is located in Robeson County, North Carolina in the United States. The 47MW solar plant represents the second investment of New Energy Solar and was acquired from the same vendor as the Fund’s first acquisition. Similar to NC-31, the Project has a secured 10-year PPA with Duke Energy Progress, Inc., a subsidiary of the largest electric power holding company in the United States.
NC-47 consists of more than 140,000 panels, 21,500 steel posts (with an approximate total weight of over 1,100 tonnes) and more than 975 kilometres of cabling. The 1,996 rows are also fitted with a single-axis tracking system, allowing the panels to generate more electricity as they follow the sun’s movement throughout the day.
Initial energy production of the utility-scale solar plant is underwritten by minimum performance guarantees provided by DEPCOM Power, Inc.
New Energy Solar owns a substantial majority interest in the project. Funding of the acquisition was completed shortly after the project commenced commercial operations in May, 2017 and included leading renewable energy investors Starbucks Corporation and US Bancorp.