Progress Energy Carolinas, Carolina Solar Energy Partner To Develop Person County Solar Park

Roxboro, NC /PRNewswire-FirstCall/ -- Progress Energy Carolinas and Carolina Solar Energy have completed an agreement under which Carolina Solar Energy will design, build and operate a 500-kilowatt (kW) solar photovoltaic (PV) plant on the site of the Person County Business and Industrial Center near Roxboro, N.C., and sell the energy produced to the utility for distribution to its customers.

Carolina Solar Energy will build the solar PV array on about 4 acres on HWY 501 just south of Roxboro. It will use more than 3,250 High Efficiency CS I 200 WATT crystalline PV Solar modules generating approximately 837,000 kilowatt-hours in the first year. The Person County Solar Park will produce energy later this year and is another step in Progress Energy's plans to meet the growing needs of its customers with renewable energy and achieve the goals of North Carolina's Senate Bill 3 energy law, passed in 2007.

"Solar power is an important part of our balanced energy strategy for meeting the region's needs," said Lloyd Yates, CEO and president of Progress Energy Carolinas. "We are continuing to pursue cost-effective solar and other renewable opportunities aggressively, and we expect to announce additional renewable energy investments soon. Meanwhile, we're promoting increased energy efficiency and working to ensure we have state-of-the-art power plants and infrastructure. We will continue to look for new, innovative ways to help meet our customers' needs reliably, affordably and in an environmentally sound manner."

Carolina Solar Energy proposed this latest PV solar project in response to Progress Energy's request for renewable energy proposals issued in 2008. Project financing was secured through a tax advantaged lease from BB&T Equipment Finance Corporation.

"Photovoltaic solar technology has come a long way in the past few decades and there is no longer any doubt that solar power is becoming a viable investment in North Carolina, and will only improve as more projects are deployed, driving prices even lower," said Richard Harkrader, CEO of Carolina Solar Energy, LLC.

About Carolina Solar Energy
Carolina Solar Energy, LLC was founded in 2004 and develops solar PV projects 100 kW and larger. CSE provides design, financing, construction and operation management to a diverse customer base of commercial, nonprofit, utility and government clients. For more information about Carolina Solar Energy, visit the company's Web site at www.carolinasolarenergy.com.

About Progress Energy
Progress Energy (NYSE: PGN), headquartered in Raleigh, N.C., is a Fortune 500 energy company with more than 21,000 megawatts of generation capacity and $9 billion in annual revenues. Progress Energy includes two major electric utilities that serve approximately 3.1 million customers in the Carolinas and Florida. The company has earned the Edison Electric Institute's Edison Award, the industry's highest honor, in recognition of its operational excellence, and was the first utility to receive the prestigious J.D. Power and Associates Founder's Award for customer service. The company is pursuing a balanced strategy for a secure energy future, which includes aggressive energy-efficiency programs, investments in renewable energy technologies and a state-of-the-art electricity system. Progress Energy celebrated a century of service in 2008. Visit the company's Web site at www.progress-energy.com.

About BB&T
BB&T Equipment Finance Corporation is a wholly owned subsidiary of Branch Banking and Trust Company, the banking subsidiary of Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT). BB&T Corporation and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, consumer finance, payment services, international banking, leasing and trust. Visit the company's Web site at www.BBandT.com.

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SOURCE Progress Energy