Lincoln Renewable Energy (LRE), a developer of solar and wind projects, today held the official dedication ceremony for its 12.5 mega-watt NJ Oak solar project. Local officials joined LRE management at the project site in Cumberland County, N.J., which consists of approximately 53,000 solar panels constructed on a 100-acre site. It is the largest non-utility-owned solar project east of the Mississippi.
At the ceremony, LRE also announced it has formed a partnership with Samsung C&T Corporation to further advance its business plan in U.S. renewable energy. Samsung C&T and LRE have formed a 50/50 joint venture company named Monument Power LLC. LRE has contributed its most advanced solar PV project-development sites to Monument Power.
Speaking at the event, LRE CEO Declan Flanagan said, “We are delighted to reach another key milestone in the growth of our company with the completion of the Oak project. We also are delighted to announce our partnership with a company of the strength of Samsung C&T. Combining LRE’s proven project-development capability with Samsung C&T’s global strength in engineering, procurement, construction and operation of major infrastructure is an extremely complimentary partnership.”
Since its formation in 2009, LRE has grown quickly to become a leading developer of solar and wind projects. LRE has raised more than $100 million in external financing to fund its growth and is developing more than 30 solar and wind projects in 11 states managed from offices in Chicago, Austin, Denver and Hoboken, N.J.