ALLENTOWN, Pa. (Feb. 12, 2009) -- Taking another step to support the development of renewable energy, PPL EnergyPlus — the energy marketing arm of PPL Corporation — said Wednesday (2/12) that it will purchase New Jersey solar renewable energy certificates from new solar energy projects in that state.

“Combining the advantages of competitive markets with extended incentives for projects that support renewable energy and energy sustainability, that’s a winning formula,” said Gene Alessandrini, senior vice president-Marketing for PPL EnergyPlus.

“It’s good business for PPL, because it builds our renewable energy portfolio, and it also advances the production of green energy,” he said.

Under the agreement, PPL EnergyPlus, the energy marketing and trading subsidiary of PPL Corporation, will purchase SRECs issued as a result of solar power generated at SunPower installations in the state.

Starting this year, the agreement enables SunPower, a manufacturer of high-efficiency solar cells, solar panels and solar systems, to finance the construction of about 2.5 megawatts of new solar power projects in New Jersey.

SRECs are tradable certificates representing the renewable energy benefits generated from a solar electric system. Each time a solar electric system generates one megawatt-hour of electricity, an SREC is issued that can then be sold or traded separately from the power.

“PPL EnergyPlus is reducing compliance costs and demonstrating good corporate citizenship by entering into this long-term agreement,” said Tom Leyden, managing director of SunPower’s Trenton office. 

“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, reliable solar power projects,” he said.

New Jersey is one of the fastest growing solar energy markets in the U.S., with more than 3,500 solar power installations representing more than 69 megawatts of installed capacity, Alessandrini said.

PPL EnergyPlus has about 12 megawatts of solar facilities under ownership or contract.  PPL EnergyPlus has long supported competitive market solutions, renewable portfolio standards and has grown its renewable energy portfolio to more than 250 megawatts. PPL EnergyPlus’ renewable portfolio includes wind energy, landfill gas facilities, fuel cells and solar facilities. In addition, PPL EnergyPlus has nearly 950 megawatts of clean hydroelectric energy.

PPL EnergyPlus is a subsidiary of PPL Corporation, which controls more than 11,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to about 4 million customers in Pennsylvania and the United Kingdom.

SunPower Corporation designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. SunPower maintains an office in Trenton, and has completed solar power installations in New Jersey for customers such as Johnson & Johnson, Tiffany & Co., JCPenney and the New Jersey Department of Military and Veterans Affairs.