Dominion North Carolina Power Signs Agreement to Buy Electricity From Solar-Power

Dominion North Carolina Power, a unit of Dominion (NYSE: D), and a Washington, D.C.-based green energy solutions provider are taking advantage of an abundant natural resource that attracts millions to the Outer Banks each year – the sun.

Dominion, which serves about 120,000 retail electric customers in northeastern North Carolina, has signed a 15-year power purchase agreement with 510nano Inc. for the electric output of a 1.4-megawatt photovoltaic solar power station. The solar power station is planned for seven acres in Northampton County, N.C. Construction is expected to start by March. Other contract details are confidential.

"We are pleased to integrate this renewable resource into our electricity supply portfolio," said David A. Christian, chief executive officer of Dominion Generation, which operates the company’s electricity-generating stations. "A balance among traditional generation, alternative generation such as solar and wind and conservation is one way to continue meeting the energy needs of customers at reasonable cost."

This North Carolina facility would be the largest solar-powered facility added to Dominion’s electric grid. Dominion is also in the early stages of planning a 4-megawatt solar facility in Halifax County, Va. In addition, about 400 residential customers in the company’s Virginia and North Carolina service areas have added solar panels to their homes, and some of that energy also enters the grid.

"510nano looks forward to working with Dominion on future projects in its North Carolina service area now that the first agreement is signed," said Dr. Reginald Parker, president of 510nano. "We are enjoying developing our project here. Dominion and Northampton County have made the process fairly easy. The farm is strategically located in terms of geography and governmental regulations. We look forward to its eventual delivery and have enjoyed working with our partners."

510nano Inc., is a Washington, D.C.-based technology and business development firm. Founded in 2005, the company specializes in developing and deploying renewable energy solutions. With a global network of renewable energy partners, leading-edge technology products, and experienced management team, 510nano has positioned itself as a leader in supplying efficient, cost-effective power plants.

Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 27,600 megawatts of generation, 12,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation’s largest natural gas storage system with 942 billion cubic feet of storage capacity and serves retail energy customers in 13 states.