The Hanover Solar Plant (Hanover) is located in Onslow, North Carolina in the United States. The 7.5 MW solar project 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.
Hanover commenced commercial operations in April 2018, and New Energy Solar owns 100% of the cash equity interests in the plant.
Hanover 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 (GCL).