The 14.1 megawatt (MW) plant is expected to be completed in two stages, the first in December 2011 and the second March 2012. It will be built by U.S.-based McGraw-Hill in partnership with New Jersey Clean Energy Ventures (NJRCEV). It is estimated that the project will create 294 jobs in the region. Advanced Solar Products and MVM Advisors will install the system.
The project will utilize Advanced Solar Products’ ballasted racking system, which requires no ground penetrations. 25 acres of trees will be planted by McGraw-Hill surrounding the solar panels.
At present, the McGraw-Hill Corporation, which includes brands such as Standard & Poor and McGraw-Hill Education, has approximately 900,000 square feet of building space on the site. The solar installation will be located close to the corporations 180,000 square foot data center, which is the central hub of its global computing operations. It is hoped that the electricity produced by the plant will reduce McGraw-Hills annual global carbon emissions by 10 percent.
McGraw-Hill has received recent praise for its green initiatives and the corporations Harold McGraw III said the company was committed to green, sustainable business practices, while also reducing costs. "We are excited by the environmental benefits of using solar energy while helping us control costs."
NJRCEV will invest $60 million to develop and install the solar array. The company has already invested $36 million in rooftop and ground mounted solar systems in New Jersey with a cumulative capacity of 7.5 MW. New Jersey Resources, the parent company to NJRCEV, expects it to qualify for a 30 percent federal investment tax credit for investing in renewables.