The project will include rooftop and parking lot solar installations and is expected to go on-line this summer. Nautilus Solar will own and operate the solar facility under a 15-year Power Purchase Agreement (PPA), through which WPU will purchase a renewable energy source. The solar power system is expected to reduce WPU's energy costs by USD$4.3 million over the 15-year term and will be constructed by Sundurance Energy.
"Governor Christie has outlined an energy policy that places a strong emphasis on renewable energy as a key to New Jersey's economic growth and the creation of clean energy jobs," said EDA chief executive officer Caren Franzini. "We are pleased to provide funding to help Nautilus Solar move forward with this exciting project at William Paterson University."
"It was a pleasure working on this meaningful transaction with EDA, which further accentuates New Jersey's commitment to the future of clean energy. Nautilus Solar will continue working closely with local communities to create green jobs in New Jersey and reduce energy costs for our host customers, such as WPU," added Nautilus Solar CEO James M. Rice.
The construction and term financing for the project is provided in part through a USD$5 million, 10-year loan with New Jersey Economic Development Authority (EDA).
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.