SUMMIT, N.J., June 29 /PRNewswire/ -- Nautilus Solar Energy, LLC ("Nautilus Solar") today announced the completion and close of the agreement to finance the construction and operation of the first 3MW of a 3.5MW solar energy project on the William Paterson University ("WPU") campus in Wayne, N.J. The project, when complete, will be among the largest university solar installations in the United States.
The construction and term financing for the project is provided in part through a $5-million, 10-year loan with New Jersey Economic Development Authority ("EDA").
"Governor Christie has outlined an energy policy that places a strong emphasis on renewable energy as a key to New Jersey's economic growth and the creation of clean energy jobs," said EDA Chief Executive Officer Caren Franzini. "We are pleased to provide funding to help Nautilus Solar move forward with this exciting project at William Paterson University."
The project will include rooftop and parking lot solar installations and is expected to go on-line during the summer of 2010. Nautilus Solar will 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 and will be constructed by SunDurance Energy, a leading New Jersey- based solar system installer.
"It was a pleasure working on this meaningful transaction with EDA, which further accentuates New Jersey's commitment to the future of clean energy. Nautilus Solar will continue working closely with local communities to create green jobs in New Jersey and reduce energy costs for our host customers, such as WPU," said Nautilus Solar CEO James M. Rice.
Laura Stern, President of Nautilus Solar, commented, "We are excited to partner with the EDA in contributing to New Jersey's economic development and renewable energy goals."
About Nautilus Solar Energy, LLC:
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.
SOURCE Nautilus Solar Energy, LLC