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American Electric Power : groSolar Opens New Solar Farm in Jacksonville to Provide Solar Power to JEA Customers

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06/15/2017 | 07:49pm CEST

By a News Reporter-Staff News Editor at Energy Weekly News -- groSolar, JEA, and AEP OnSite Partners, an American Electric Power (NYSE: AEP) company, are pleased to announce the commercial operation of the 7-megawatt (MWAC) Northwest Jacksonville Solar Partners (NWJAX) solar farm in Jacksonville, Florida. The project is located on Arnold Road just north of the Jacksonville International Airport. The NWJAX project is owned by AEP OnSite Partners and features single axis trackers that track the sun from east to west throughout the day greatly increasing the efficiency of the project. Throughout the design and construction of the project, groSolar utilized numerous local contractors and small businesses to assist in the development of the project. In addition to the clean energy that the project provides to residents of the City of Jacksonville, the site features wetlands flowage improvements and landscaping designed to positively impact the site and surrounding ecosystem.

A project dedication, hosted by groSolar, is scheduled for June 8th and will welcome partners from JEA, AEP, and local stakeholders.

"JEA is committed to environmental stewardship and to increasing its level of carbon-free renewable energy generation," said Paul McElroy, CEO of JEA. "This partnership with groSolar will expand our solar footprint and provide our customers with an environmentally friendly and efficient option for their power needs."

"The Northwest Jacksonville Solar Partners Project is an excellent example of how public and private entities can work together to complete a project that will provide significant environmental and economic benefits to the Jacksonville community for years to come," said Myles Burnsed, groSolar Vice President of Business Development, who led the origination and development of this project. 1 According to US EPA Greenhouse Gas Equivalencies calculations. About JEA JEA is the eighth-largest community-owned electric utility in the United States and one of the largest water and sewer utilities in the nation providing electric, water and sewer service to residents and businesses in northeast Florida. About groSolar groSolar is a leading developer and turnkey solar engineering, procurement, and construction (EPC) firm serving the 500kw to 30 MW market. With over 2,000 installations across North America, groSolar's experience spans a broad spectrum of applications. These include applications atop brownfields/landfills, commercial, educational, municipal, and other institutional facilities. groSolar provides a one stop source for all your solar project needs including on-going operations and maintenance. groSolar is a wholly-owned subsidiary of EDF Renewable Energy. Learn more at www.grosolar.com About AEP OnSite Partners AEP OnSite Partners, an American Electric Power (NYSE: AEP) company, works directly with customers, developers and government officials to deliver energy solutions based upon market knowledge, innovative application of technology and deal-structuring capabilities. AEP OnSite Partners targets opportunities in distributed solar, combined heat and power, energy storage, waste heat recovery, energy efficiency, peaking generation and other energy solutions that create value for our customers. View source version on businesswire.com: http://www.businesswire.com/news/home/20170606006400/en/

Keywords for this news article include: groSolar, Oil & Gas, Solar Power, Electric Power, Renewable Energy.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Science Newsletters

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Financials ($)
Sales 2017 15 339 M
EBIT 2017 3 402 M
Net income 2017 1 793 M
Debt 2017 19 449 M
Yield 2017 3,32%
P/E ratio 2017 19,70
P/E ratio 2018 18,47
EV / Sales 2017 3,57x
EV / Sales 2018 3,50x
Capitalization 35 300 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 71,2 $
Spread / Average Target -0,77%
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NameTitle
Nicholas K. Akins Chairman, President & Chief Executive Officer
Brian X. Tierney Chief Financial Officer & Executive Vice President
Alberto G. Ruocco Chief Information Officer & Vice President
Lionel L. Nowell Independent Director
Linda A. Goodspeed Independent Director
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