Feb 8 2011
An affiliate of KeyCorp, Key Equipment Finance, has made an announcement to the effect that the company would be funding the installation of a solar system for SunPower, containing 16,500 PV panels on a 27 acre land for Princeton University’s Facilities Department. This would be one of the major single solar installation at a university or college in the US.
This project would generate 8 million KWh annually, which would be sufficient to power over 700 households in Princeton i.e. meet 5.5 % of the electrical requirements of the campus. The Solar Renewable Energy Credits (SRECs) would be sold by the University during the lease period. Once the lease is terminated, the project would decrease the carbon footprint of the University by lowering its electrical expenses by 8% annually and also reducing the University’s reliance on fossil fuels.
Princeton’s Vice President for facilities, Michael McKay, remarked that they were eagerly waiting to obtain the environmental and economic benefits of solar after the retirement of the SRECs while also demonstrating their commitment to renewable energy for others to emulate.
Key Equipment Finance has been providing finance options for SunPower customers and other governmental bodies for constructing SunPower solar power units. SunPower would be able to update the purchase processes for its customers by offering finance options, which would unite the insulation and system costs into one fixed package and allow them to avail tax benefits and incentives offered for renewable energy.
Tom Leyden, SunPower’s Managing Director, stated that Key Equipment Finance was a leader with respect to the flexible financing options being offered in the energy industry. He also mentioned that the company was happy to have them as team members for the Princeton University installation project. Key Equipment Finance’s Vice President, David Kroode commented that both SunPower and Princeton University were well known in their respective fields and that it was a great honor to work along with them. He further remarked that this project would hopefully be seen as a national model for all the universities and colleges in the US to follow and identify the energy and cost savings of PV solar installations.
Source: http://www.key.com