PPL EnergyPlus, the energy marketing arm of PPL, has signed an agreement with SunPower, under which PPL EnergyPlus will purchase solar renewable energy certificates issued as a result of solar power generated at SunPower installations in New Jersey.
Starting 2009, the agreement enables SunPower, a manufacturer of solar cells, panels and systems, to finance the construction of about 2.5MW of new solar power projects in New Jersey.
According to PPL EnergyPlus, solar renewable energy certificates (SRECs) are tradable certificates representing the renewable energy benefits generated from a solar electric system. Each time a solar electric system generates 1MWh of electricity, an SREC is issued that can then be sold or traded separately from the power.
Tom Leyden, managing director of SunPower’s Trenton office, said: PPL EnergyPlus is reducing compliance costs and demonstrating good corporate citizenship by entering into this agreement. Although the agreement will only address a portion of new solar capacity to be built in New Jersey in the coming years, it is an indication that the SREC market can facilitate the construction of clean solar power projects.
PPL EnergyPlus is a subsidiary of PPL Corporation and is engaged in energy market services. Its renewable portfolio includes wind energy, landfill gas facilities, fuel cells and solar facilities. In addition, PPL EnergyPlus claims to have nearly 950 megawatts of clean hydroelectric energy.
