Coronal Energy and Central Virginia Electric Cooperative Power Rural Virginia with Solar Energy

– Solar facilities under development in Troy and Kents Store will
provide a combined 10 MWac of cost-effective clean energy to co-op
members

CHARLOTTESVILLE, Va.–(BUSINESS WIRE)–Coronal
Energy, powered by Panasonic, a leading independent power producer
(IPP) and provider of turnkey renewable energy solutions, and Central
Virginia Electric Cooperative (CVEC), a member-owned, electric
distribution cooperative serving over 36,000 meters in 14 Virginia
counties, are dramatically expanding the solar energy capacity of rural
Central Virginia by developing two 5 MWac solar electric generating
facilities along the Interstate 64 corridor. Combined, these solar
installations will meet the electricity needs of approximately 1,200
local homes served by the not-for-profit. They also represent the
largest solar projects dedicated to an electric distribution cooperative
in the state.

The new solar facilities help diversify CVEC’s portfolio of energy
sources and contribute to Virginia’s state-wide solar capacity. They
also further Coronal Energy’s commitment to increasing the availability
of clean, reliable, and affordable solar energy for diverse customers
across North America.

“Electric cooperatives are a priority customer class for Coronal,” said
Danny Van Clief, chief commercial officer of Coronal Energy. “We
understand and respect their mission to deliver affordable, reliable
power to their members, as well as the commitment they make to community
stewardship. Solar energy represents a strong fit with all aspects of
this mission, and CVEC’s decision to add solar to its supply mix
represents that.”

The 41-acre, 5 MWac Palmer Solar Center in Troy and the 35-acre, 5 MWac
Martin Solar Center in Kents Store will integrate solar-generated
electricity into the power grid for the benefit of over 9,000 CVEC
member owners in Fluvanna County and Goochland County, where the solar
facilities are respectively located.

Energy from both facilities will be procured by CVEC via 25-year power
purchase agreements (PPAs) that enable the utility to purchase the
electricity generated by the solar facilities for the benefit of its
members, while Coronal Energy continues to own and operate the
facilities upon completion. Under this structure CVEC is not responsible
for any of the costs required to build or maintain the facilities.

“As a not-for-profit member-owned organization, CVEC has developed a
procurement strategy that captures tremendous value for our co-op
members,” said Gary Wood, president and chief executive officer of CVEC.
“Electric co-ops have long been essential to the economic well-being
of rural communities by providing reliable and affordable energy and
energy services to their industrial, commercial, agricultural, and
residential members, and we’re proud to expand our energy offerings in
Central Virginia to include cost-effective solar power.”

Electric cooperatives have fast stepped into a leading role for
procuring solar energy as a clean, cost-effective, reliable option on
behalf of their members. According to the National
Rural Electric Cooperative Association (NRECA), by the end of 2017,
the total solar energy capacity of America’s electric cooperatives will
be five times what it was two years ago. Cost-effectively procuring this
solar energy is critically important for not-for-profit, member-owned
co-ops.

“America’s electric cooperatives are dedicated to providing affordable,
reliable energy, and are advancing the development of solar in
communities across the country,” said NRECA CEO Jim Matheson. "As
not-for-profits owned by the members they serve, their broader purpose
is to empower local communities to thrive. CVEC’s two new solar
facilities perfectly embody that community spirit.”

The projects are slated for completion in November 2017.

About Coronal Energy, powered by Panasonic

Coronal Energy, powered by Panasonic, is a leading independent power
producer providing turnkey solar energy solutions tailored for diverse
enterprise customers across North America, including utilities,
corporations, and the public sector. It unites the financial strength of
a Fortune Global 500 company (#128) and Panasonic’s award-winning
history of solar innovation and sustainability leadership with the
project development, finance, engineering, construction, and asset
management experience of Coronal Energy. The result is smarter solar
that translates to smarter business for customers. The collective
experience of Coronal Energy, powered by Panasonic, includes projects in
40 states totaling 2.3 GW, with more than 3.4 GW of greenfield and
brownfield projects under construction/contract or in development. For
more, please visit CoronalEnergy.com
and follow us @CoronalEnergy on Twitter.

About Central Virginia Electric Cooperative

Headquartered in Lovingston, Central Virginia Electric Cooperative is a
member-owned electric distribution utility serving over 36,000 meters in
14 counties across central Virginia. For more information about Central
Virginia Electric Cooperative, visit the company's website at www.mycvec.com.

About the National Rural Electric Cooperative Association

The National Rural Electric Cooperative Association is the national
service organization that represents the nation’s more than 900
not-for-profit, consumer-owned electric cooperatives, which provide
service to 42 million people in 47 states. Learn more at www.electric.coop.

Contacts

Coronal Energy, powered by Panasonic
Christina Atkinson,
212-697-2600
[email protected]
or
Central
Virginia Electric Cooperative
Melissa Gay, 434-263-7638
[email protected]