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." (more...)