BEDMINSTER, N.J., Jan. 26, 2012 /PRNewswire/ -- KDC Solar LLC, headquartered in Bedminster, New Jersey, through its wholly owned subsidiary, KDC Solar Nugen WR, a joint venture with Nugen Capital Management LLC, has begun commercial operation of the second largest PV roof-mounted solar system in New Jersey at the White Rose Inc. warehouse in Carteret. The new system will allow White Rose to significantly reduce its carbon footprint through the production of clean electricity.
A ribbon cutting ceremony marking the occasion was held at the site on January 25th. Among the dignitaries in attendance were Assemblyman Joseph D. Eagan, 17th Assembly District and Member of Telecommunications and Utility Committee; Middlesex County Freeholder Ron Rios, Sarah Gentile from the New Jersey Department of Environmental Protection; Carteret Mayor David Reiman and a representative from Assemblyman John Wisnewski's office.
The 4.88-megawatt solar system will generate approximately 6.2 million hours of solar electricity per year and is designed to supply more than 60 percent of the electric power needs for the White Rose grocery warehouse site, which is owned by KTR Capital Partners. The installation was done by Solar Power Inc. a global leader in producing world-class solar energy facilities. SPI procured over 22,000 high quality panels manufactured by LDK Solar.
"White Rose is excited to enhance our presence in New Jersey with this rooftop solar installation," said John Annetta, the company's Senior Vice President of Operations. "The reduction of our carbon footprint is allowing us to expand our environmental stewardship in the local community and the state."
"We are very pleased to have worked with Nugen Capital in this joint venture. This facility is the second largest roof-mounted PV solar facility in New Jersey and will supply clean, lower cost, long-term solar energy to White Rose," said Hal Kamine, KDC Solar's Chief Executive Officer. "The White Rose facility is a successful model that we intend to replicate as KDC Solar pursues its commitment to 'behind-the-meter' solar electric systems for business/government and institutions, which in turn creates or preserves long-term jobs for the state."
"From an electrical consumption perspective, this building has no measurable adverse impact on our environment," said Stephen J. Butte, a Partner at KTR Capital Partners. "The project gave us the opportunity to improve our asset while providing for lower utility costs for our tenant and a cleaner environment. We were pleased to work with KDC Solar Nugen WR and White Rose to bring this solar project to fruition."
About KDC Solar LLC
KDC Solar is the successor company to Kamine Development Corp ("KDC"), established in 1985 and which owned and operated co-generation natural gas fired power plants. KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC Solar is committed to using clean solar energy to provide economic stimulus and jobs in New Jersey. It currently operates 12 MWs of "behind the meter" solar facilities at four different locations and is permitting and constructing more than 60 MWs of "behind the meter" solar projects at businesses and institutions throughout New Jersey. KDC Solar supplies commercial, institutions and governments with significantly lower long-term electric costs through solar power. For more information, visit www.kdcsolar.com.
About White Rose, Inc.
White Rose Inc, a division of Associated Wholesalers Inc, (AWI) is the largest wholesale distributor in the NY metro area serving retail supermarkets with Grocery, Refrigerated & Frozen food products to Independent Retailers as well as Chain Accounts in New Jersey, New York, Pa, Conn, Mass, R.I. & Virginia.
About KTR Capital Partners
KTR Capital Partners is a real estate private equity fund manager and operating company specializing in the industrial property sector. Headquartered in New York City with offices in Philadelphia, Chicago, Miami, Las Vegas and Los Angeles, KTR manages a series of discretionary value-add investment funds that target opportunities throughout major markets in North America. KTR's current investment vehicles provide approximately $3.4 billion of investment capacity. For further information go to www.ktrcapital.com.
SPI Solar ("SPI") (Solar Power, Inc.) is a vertically integrated photovoltaic solar developer offering its own brand of high-quality, low-cost distributed generation and utility-scale solar energy facility development services. Through the Company's close relationship with LDK Solar, SPI extends the reach of its vertical integration from silicon to system. From project development, to project financing and to post-construction asset management, SPI delivers turnkey world-class photovoltaic solar energy facilities to its business, government and utility customers. For additional information visit: www.spisolar.com.
For additional information at SPI Solar:
Mike Anderson, Vice President Corporate Communications
About NuGen Capital Management, LLC
NuGen Capital Management was founded in 2009 to develop, own and operate commercial scale solar systems. Working with large scale energy users and real estate owners, NuGen serves the long term energy and economic needs of its partners and clients. Based in Rhode Island, NuGen works in States where the renewable energy policies encourage job creation and energy sustainability through solar development.
SOURCE KDC Solar LLC