TIMMONSVILLE, S.C. — A rainy day turned sunny for the Timmonsville community Thursday.
The Florence County Council approved the third and final reading of two ordinances authorizing a fee-in-lieu-of-tax agreement with Narenco and placing properties owned by the company off Sardis Highway near Timmonsville into a joint industrial park with Darlington County.
The agreement calls for the company to invest $20 million into four solar projects to be located off the Sardis Highway near Timmonsville.
In exchange, the county agrees to an assessment ratio of 6% of the fair market value of the property and a millage rate of 264.9 mills and to provide special source revenue credits for qualifying infrastructure costs for the project.
The agreement between the county and the company includes provision for a bond to ensure that the landscape will be returned to its natural state should the company cease to exist.
Chairman Willard Dorriety said the council was especially excited that the project involved a rural area of the county. He added that he believed the project would have a positive impact on the county.
"It has been an honor to partner with Florence County on these projects. We are thrilled at the opportunity to invest in the Florence community and to provide clean power to our neighbors," NARENCO President of Development Jesse Montgomery said. "We look forward to seeing these projects come to fruition."
“Sunny South Carolina is naturally suited for the solar energy industry, and we are happy to take part in sustainable renewable energy initiatives. The future is bright for South Carolina," S.C. Senator Hugh K. Leatherman Sr. said.
“Florence County Economic Development Partnership always keeps the future of the county in mind and strives to pave the way for success," Florence County Economic Development Partnership Chairman Joe W. “Rocky” Pearce said. "Renewable solar energy is part of that future, and we are proud to welcome NARENCO, a national renewable energy corporation, to help us get there.”
Gov. Henry McMaster called the announcement a huge win for the county and the state.
“Investments like this one continue to grow South Carolina’s reputation as a top business destination for industries of all types," Secretary of Commerce Bobby Hitt said. "We celebrate NARENCO’s decision to invest in Florence County and look forward to their continued success.”
The facility is expected to be operation by 2021 and will produce up to 16 megawatts of alternating-current solar energy.
One megawatt AC of solar energy is enough to provide clean energy to approximately 200 South Carolina homes.
NARENCO was founded in 2009 and is one of the largest solar developers in North America. The company is focused on the development, engineering, procurement, construction and operation of utility scale and commercial solar installations.
For more information on NARENCO, visit www.narenco.com.
Get local news delivered to your inbox!
Subscribe to our Daily Headlines newsletter.