NEW JERSEY—At its dedication ceremony for its 12.5 megawatt New Jersey Oak solar project, Lincoln Renewable Energy (LRE) announced its partnership with Samsung C&T Corporation to advance its business plan in U.S.-based 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-sites to Monument Power.
Monument Power is currently developing multiple utility scale solar PV projects ranging in size from 10 to 50 megawatts in, Nevada, Colorado, Virginia and New Jersey with advanced plans for over $500 million in capital expenditure.
The project site in Cumberland County 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.
LRE develops utility-scale solar and wind power projects from conception to operation. The company 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, Ill. Austin, Texas, Denver, Colo. and Hoboken, N.J.