The Church Road Solar Plant (Church Road) is located in Johnston, North Carolina in the United States. The 5.2 MW solar plant was acquired from leading US developer, Cypress Creek Renewables, LLC, as part of a transaction for a portfolio of utility-scale solar PV plants located in North Carolina and Oregon.
Church Road is currently under construction and is expected to commence commercial operations during the second half of 2018. The Business has acquired a 100% economic interest in Church Road, with transfer of funding occurring progressively as various construction milestones are satisfied.
Church Road has a secured 15 year power purchase agreement with Duke Energy Progress, Inc., a subsidiary of Duke Energy (NYSE:DUK); one of the largest electric power holding companies in the United States.
Initial energy production of the utility-scale solar plant is underwritten by minimum availability guarantees provided by the operations and maintenance services provider (Cypress Creek O&M, LLC) and performance warranties from the panel supplier (REC Solar).
Once operational, Church Road is expected to generate enough electricity to power around 1,200 homes every year1.
1 Based upon an average house utilising approximately 8,375kWh per annum.