April 11 (Reuters) – Utilities agency Dominion Vitality Inc (D.N) will purchase Longroad Vitality’s 108 megawatt photo voltaic challenge in Virginia, the U.S.-based renewable vitality developer mentioned on Tuesday.
The photo voltaic challenge, referred to as Foxhound, has been in improvement for six years and can produce sufficient clear vitality to energy greater than 17,000 houses, Longroad mentioned in a press launch.
Monetary particulars of the deal weren’t disclosed.
Dominion and different massive U.S. utilities with renewable initiatives are set to profit from new federal clean-energy funding within the $430 billion Inflation Discount Act. The act supplies billions of {dollars} in tax credit and direct funds for photo voltaic, wind, battery and different vitality sources to transition from fossil fuels.
The monetary shut of Dominion’s acquisition is anticipated upon mechanical completion of the challenge in January 2024.
Reporting by Arshreet Singh; Modifying by Devika Syamnath
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