– Project qualifies for Investment Tax Credits (ITC) under the Inflation Reduction Act
– Signed ten-year power purchase agreement (PPA) with Dominion Energy South Carolina
– Syensqo will purchase all Renewable Energy Certificates (RECs) from Lone Star Solar to offset 35% of US emissions
The developer of the Lone Star Solar project announced that it qualifies for Investment Tax Credits under the Inflation Reduction Act. They have also signed a ten-year power purchase agreement with Dominion Energy South Carolina. In addition to this agreement, Syensqo, a Belgian chemical company, has agreed to purchase all of the Renewable Energy Certificates generated by the project, which will offset 35% of their US emissions from electricity purchases.
This news was reported in an article on PV Tech’s website.PV Tech, a reputable source for information on the solar industry, provides more details on the project and its benefits. The combination of the ITC, PPA with Dominion Energy, and the agreement with Syensqo demonstrates the commitment to renewable energy and sustainability shown by all parties involved.
The Lone Star Solar project not only generates clean energy but also provides financial incentives through the ITC and the PPA. The agreement with Syensqo to purchase the RECs further emphasizes the project’s environmental impact and contribution to reducing emissions.Overall, the developments at Lone Star Solar showcase a successful collaboration between different organizations to promote renewable energy and reduce carbon footprints in the US.