NJ Solar Project is World's Largest Of Its Kind (PEG)

Petra Solar, Inc. may be an unknown company to many investors.  But an announcement from it and Public Service Enterprise Group Inc. (NYSE: PEG) may soon change that.  The companies both released data on an approval from the New Jersey Board of Public Utilities to invest $515 million in 80 megawatts of solar projects.

Petra Solar is a South Plainfield, New Jersey-based company which designs and manufactures the SunWave™ solar electric system for utility, commercial, and residential installations. These systems scale from a single panel to multi-megawatts, and the company calls this “the most deployable, cost effective and intelligent solar solutions in the industry.” Petra said that the contract is about $200 million to it over a three-and-a-half year period with PSE&G, and it will make the units for the 200,000 poles under the agreement.

This effectively doubles New Jersey’s solar capacity.  The agreement was reached in its” Solar 4 All” filing, and PSE&G noted that it expects to complete the installations by the end of 2013.  It shall come in two segments of 40 megawatts each. The first segment consists of installing a solar unit on some 200,000 utility poles in PSE&G’s service territory, including New Jersey’s six largest cities and roughly 300 rural and suburban communities.

Petra Solar will be producing 200,000 smart solar systems for installation on the PSE&G utility poles and street light poles.  This is said to be the largest pole-attached solar installation in the world.  Petra is creating more than 100 green jobs from this pact.  The company called this a transformational contract that will triple its size.

Interestingly enough, this is a grid-connected solar system that will more easily enable PSE&G to delivery of electricity to customers.

JON C. OGG
JULY 29, 2009