SAN FRANCISCO, Nov. 19, 2014 /PRNewswire/ -- Ecoplexus, Inc. announced today that it has completed the construction of three solar projects providing affordable clean energy totaling 4.5 megawatts. Two of the three projects, totaling 4 megawatts, were brought online as a part of Xcel Energy's Solar*Rewards Communities program and have signed long-term Renewable Energy Credit contracts with Xcel Energy as well as power purchase agreements with various state and municipal agencies, and local schools.
A total of 2.5 megawatts are located in Sterling, including a 2-megawatt community solar project plus a 500-kilowatt net-metered project at a Colorado Department of Corrections site. The third project, a 2-megawatt community solar project, is located in the City of Grand Junction. Under the community solar structure, multiple subscribers can purchase energy from a single solar PV facility located offsite, through long-term power purchase agreements. Subscribers receive a credit on their bill from the utility for the value of the energy generated.
The three solar plants have been acquired by funds managed by Foresight Group US, LLC, the US subsidiary of specialist infrastructure and private equity investment manager Foresight Group LLP, which manages a 340MW portfolio of operational solar assets in the US, UK and Southern Europe with an enterprise value in excess of $1.5 billion.
"These community solar projects provide our municipal agency and school customers with substantial savings vs. their current electricity rates while also providing a hedge against future rate increases," said John Gorman, CEO of Ecoplexus. "We're very pleased to play a role in providing clean, renewable energy at competitive rates, and these projects highlight Ecoplexus' continued commitment to community solar in the U.S."
Pietro Zerauschek, Partner of Foresight Group US, LLC added: "We are delighted to have acquired these three solar plants, which are delivering a valuable renewable resource to the communities they serve. The acquisition is a further demonstration of our commitment to build a portfolio of high quality community scale solar plants in North America."
Ecoplexus is a leader in community solar in the U.S., having successfully developed fifteen community or virtual net metering projects over the last three years. When fully operational, the three Colorado projects will provide clean energy for the equivalent of over 1,000 average homes in Colorado and an annual reduction of carbon dioxide equal to the amount that would be removed from the atmosphere by over 150,000 trees.
About Ecoplexus, Inc.
Ecoplexus develops and operates solar PV projects for the wholesale and retail distributed generation markets in the U.S. and Japan. The Company has constructed and financed over 40 projects to date, representing over $100 million in project value. Customers include eight major utilities including PG&E, Duke, Progress, Xcel Energy, and Georgia Power and approximately 15 municipalities.
The Company's project pipeline exceeds 500 MW, and represents approximately $1 billion in project value, in the U.S. and Japan. For more information about Ecoplexus, please visit www.ecoplexus.com.
About Foresight Group US LLC
Foresight Group US LLC is the wholly owned subsidiary of UK based Foresight Group LLP, which has been managing investment funds on behalf of institutions and retail clients for 30 years. Foresight has diversified activities and today manages institutional funds principally in infrastructure, environmental and small cap private equity.
Foresight has in excess of $2 billion assets under management, which includes a $1.5 billion portfolio of 340MW operational ground mounted solar assets.
Foresight has offices in the USA, UK and Italy
Foresight Group US. LLC
Pablo Otin Pintado
(415) 713 1226
SOURCE Ecoplexus, Inc.