CHARLOTTE, N.C., Nov. 22, 2011 /PRNewswire/ -- A Duke Energy Renewables and Integrys Energy Services joint venture and Smart Energy Capital today announced the completion of five rooftop photovoltaic (PV) systems for the Bald Eagle Area School District and Bellefonte Area School District, both located in Pennsylvania's Centre County.
The PV rooftop solar arrays in operation at Bald Eagle Middle and High School, Wingate Elementary School, Bellefonte Area High School, Marion Walker Elementary School and Pleasant Gap Elementary School can collectively produce approximately 1.5 megawatts (direct current) of zero-emission electricity.
These central Pennsylvania school districts are purchasing all of the output from their respective PV systems at a fixed rate per kilowatt-hour under the terms of a 20-year power purchase agreement with a project company owned by INDU Solar Holdings. INDU is a 50-50 joint venture between Duke Energy Renewables and Integrys Energy Services. Financial terms were not disclosed.
These PV solar projects are examples of the development model announced by the INDU partners and Smart Energy Capital in October 2010. At that time, the companies committed to jointly pursue the development of rooftop and smaller ground-mounted solar projects for customers throughout the United States. The project partners are pursuing several other PV projects in various stages of development.
Smart Energy Capital, together with its strategic partner Tremco Roofing, developed the rooftop PV projects for both school districts, which included securing Pennsylvania solar energy grants (initially for Bald Eagle and subsequently for Bellefonte) and arranging the sale of solar renewable energy certificates. INDU financed all of the construction costs for the projects.
About INDU and Smart Energy Capital
INDU Solar Holdings is a strategic financing program formed by Integrys Energy Services, a wholly-owned subsidiary of Integrys Energy Group, Inc., and Duke Energy Renewables, a wholly-owned subsidiary of Duke Energy Corp., to develop, construct, finance, own and operate solar photovoltaic projects that are originated and developed by Smart Energy Capital on behalf of commercial, school, government and utility customers throughout the United States. The partnership is unique in that it provides 100 percent of the financing for project construction and incorporates all federal tax benefits in a single structure, thereby eliminating the need for separate construction financing or tax equity structures for individual projects.
About Duke Energy Renewables
Duke Energy Renewables, part of Duke Energy's Commercial Businesses, is a leader in developing innovative wind and solar energy solutions for customers throughout the United States. The company's growing portfolio of commercial renewable assets includes ten wind farms and seven solar farms in operation in six states, totaling approximately 1,000 megawatts in electric-generating capacity. Learn more at www.duke-energy.com/renewables.
Headquartered in Charlotte, N.C., Duke Energy (NYSE: DUK) is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
About Integrys Energy Services, Inc.
Established in 1994, Integrys Energy Services, Inc. provides competitive energy supply solutions, structured products, and strategies that allow retail residential, commercial, and industrial customers to manage their energy needs. Its principal energy marketing operations are in the northeastern quadrant of the United States. Through its subsidiary, Integrys Energy Services – Natural Gas LLC, Integrys offers natural gas products to a full range of end-users throughout the Midwest. Areas of generation expertise include cogeneration, distributed generation, renewables such as solar and landfill gas, as well as clean fuel generation, with facilities in selected markets throughout the United States. More information about Integrys Energy Services is available online at www.integrysenergy.com.
About Smart Energy Capital
Smart Energy Capital, LLC (www.smartenergycapital.com) is a leader in the financing and development of solar energy projects. The principals of Smart Energy have a deep background and successful track record in structuring and arranging innovative financing solutions and developing renewable energy projects. They have managed a portfolio of over 300 megawatts of solar projects and raised in excess of $200 billion of innovative financings. The company maintains extensive relationships with a wide range of power project lenders and investors. The company is headquartered in White Plains, N.Y.
About Tremco Roofing and Building Maintenance
Headquartered in Beachwood, Ohio, Tremco Roofing and Building Maintenance helps manage building life cycles while providing roofing and weatherproofing peace of mind to customers in education, healthcare, government, manufacturing and many other industries. In business since 1928, Tremco Roofing and Building Maintenance is a division of Tremco Incorporated, which is itself part of the RPM Building Solutions Group, an international leader in the construction, maintenance and repair markets. Tremco Roofing works closely with Tremco Incorporated subsidiary WTI, which provides general contracting and roofing services; both Tremco Roofing and WTI are ISO 9001:2000 certified. To learn more, visit http://www.tremcoroofing.com or call toll-free at 800-562-2728.