Nautilus Solar Energy and SunDurance Energy to Build Solar Power Facility at William Paterson University
WAYNE, N.J., Jan. 11 /PRNewswire/ -- William Paterson University ("WPU"), Nautilus Solar Energy, LLC ("Nautilus Solar") and SunDurance Energy, LLC ("SunDurance") announced today an agreement to build the largest solar energy facility at a university in the United States. The 3.5 MW solar energy project ("Project") will comprise of rooftop and parking lot solar installations on the WPU campus in Wayne, New Jersey. The first 3 MW phase is expected to go on-line during the summer of 2010; the remaining 500 kW is expected to go on-line in early 2011.
"Nautilus Solar is proud to support WPU's leadership in sustainability by supplying low cost clean solar power," said Nautilus Solar CEO James M. Rice.
Nautilus Solar will finance, own and operate the solar facility under a 15-year Power Purchase Agreement ("PPA"), through which WPU will purchase a renewable energy source at a reduced rate without any upfront costs. The solar power system is expected to reduce WPU's energy costs by $4.3 million over the 15-year term. The Project will be designed and constructed by SunDurance Energy, a leading NJ based solar system installer. Nautilus Solar will fund the installation in part through a loan provided by New Jersey Economic Development Authority.
Stephen Bolyai, WPUNJ's Vice President for Administration and Finance, states, "This project will be a landmark project for the University. In addition to reducing our energy costs and carbon footprint, the solar facility will provide excellent learning opportunities to our students."
The elevated arrays covering the parking areas allow economically attractive deployment of solar power without the challenges that often accompany such projects in urban and suburban environments. "By creatively using its parking areas to maximize productive space, William Paterson University is expanding the potential for solar energy in New Jersey," said Al Bucknam, CEO of SunDurance Energy. "SunDurance Energy is thrilled to be designing and building this innovative project in collaboration with our financing partner, Nautilus Solar Energy."
"The project will contribute to a reduction of air pollution and improve the air quality in New Jersey, while creating green jobs in the region. We are looking forward to installing similar solar facilities at other schools and universities," said Laura Stern, President of Nautilus Solar.
Based on the standards set by the U.S. Environmental Protection Agency, by generating over 3,392,000 kWh of solar energy annually, the WPU solar system will annually displace the equivalent of over 5,369,000 pounds of CO2 emissions, keep over 465 cars off the road, displace the equivalent of over 5,600 barrels of oil, satisfy electricity demand for over 300 households, or reap the benefits of planting over 63,000 trees.
About Nautilus Solar Energy:
Founded in 2006, Nautilus Solar Energy, LLC ("Nautilus Solar") is a leading independent solar power producer headquartered in Summit, New Jersey. Nautilus Solar develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems. The company sells its generated electricity through long term power purchase agreements. Nautilus Solar is majority-owned by an investment affiliate of Starwood Energy Group Global, LLC, based in Greenwich, CT.
Nautilus Solar was named a winner of the NJ BPU Clean Energy Award, as Trade Ally of the Year in 2009. For more information, please visit the website at www.nautilussolar.com.
SunDurance Energy, LLC ("SunDurance") develops, designs, builds and operates megawatt-scale solar power solutions for forward-thinking corporations, utilities and government entities. SunDurance offers full in-house design and project execution capability, deep experience, $200 million per project bonding capacity, and rigorous value engineering processes. SunDurance Energy is an affiliate of The Conti Group, a century-old, nationwide leader in civil and industrial infrastructure, conventional and renewable power, homeland security and environmental remediation. For more information, please visit the website at www.SunDuranceEnergy.com.
About William Paterson University:
William Paterson University, one of the nine state colleges and universities in New Jersey, offers 43 undergraduate and 20 graduate programs through five colleges: Arts and Communication, Cotsakos College of Business, Education, Humanities and Social Sciences, and Science and Health. Located on 370 hilltop acres in Wayne, the University enrolls approximately 11,000 students and provides housing for nearly 2,300 students. The institution has made a strong commitment to energy conservation. As of June 2007, the University is a charter signatory in the American College & University Presidents Climate Commitment (ACUPCC), a national initiative with a goal of carbon neutrality at member institutions. The University is also certified under the NJDEP Environmental Stewardship program, became an EPA Waste Wise Partner, and was recognized by the New Jersey Higher Ed Partnership for Sustainability with an Energy and Climate Action Award for meritorious achievement.
SOURCE Nautilus Solar Energy, LLC
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