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).
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