Nov 25 2010
Perpetual Energy Systems, a national level Power Purchase Agreement (PPA) providing and funding company for solar energy systems, declared that it has completed the erection of a 1.5 MW solar project for the Jefferson Union High School District. The school district includes Jefferson High School, Oceana High School, Westmoor High School and Terra Nova High School.
Under the project, the company has installed over 8,500 solar power panels to help the schools to achieve energy independence and to reduce their spending on electric power. During the first year of its working the installed solar system is anticipated to generate over 2,300,000 kWh of renewable energy, which can be equated to removing of around 270 cars from the road every year. The company has installed the solar systems without any capital investment from the school district and utilized its federal renewable energy tax credits, private equity and its own project financing to fund the project. The company will also own all the renewable energy certificates produced by the installed solar system. The school district has entered into a power purchase agreement with the company to buy the generated power at a discounted price that can be matched with that of the utility companies.
Joseph Rodriguez, Perpetual’s President and CEO, expressed his excitement about powering the schools with solar energy. He added that the project while helping the school district to lessen its dependency on the grid power will also extend an opening for the students to understand the advantages of clean solar energy.
Source: http://www.goperpetual.com/