Fairfield, NJ – May 10, 2012 – Lincoln Renewable Energy (LRE), a leading 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.
Lincoln Renewable Energy develops utility-scale solar and wind power projects from greenfield concept to commercial operation. The company is developing projects across the United States. Its management team has a proven track record in renewable-energy development. Their efforts have led to the construction of more than 3,000 megawatts of renewable energy in North America and Europe over the past 10 years. For more information, please visit www.lincolnrenewableenergy.com.
About Samsung C&T
Samsung C&T was founded in 1938 and is the origin of the Samsung Group. Since its nomination as the first ever general trading company in Korea in 1975, Samsung C&T has been conducting complex trading and investment operations. With the merger with Samsung E&C in 1995, Samsung C&T has now also balanced the two branches of Engineering & Construction Group and Trading & Investment. Samsung C&T has more than 9,000 employees in 114 overseas offices in 48 countries and recorded U.S. revenues of $19.7 billion in 2011.
About Monument Power
Monument Power is a joint venture of Samsung C&T Corp. and Lincoln Renewable Energy. The company is currently developing multiple utility scale solar PV projects ranging in size from 10 to 50 megawatts in California, Nevada, Colorado, Virginia and New Jersey with advanced plans for over $500 million in capital expenditure.