New Jersey, United States — Nautilus Solar Energy LLC announced the completion and close of the agreement to finance the construction and operation of the first 3 megawatts (MW) of a 3.5-MW solar energy project on the William Paterson University (WPU) campus in Wayne, New Jersey.
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. The construction and term financing for the project is provided in part through a US $5 million, 10-year loan with New Jersey Economic Development Authority (EDA). The project, when complete, will be among the largest university solar installations in the United States.
“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 CEO Caren Franzini. “We are pleased to provide funding to help Nautilus Solar move forward with this exciting project at William Paterson University.”