Tioga & SunDurance Awarded 3.2-MW New Jersey Solar Program

Tioga Energy and SunDurance Energy have been selected by the Morris County Improvement Authority (MCIA) to develop, install, own and operate 3.2-megawatts (MW) of solar power systems on 19 Morris County school buildings and county government facilities in 2010. The New Jersey county will purchase electricity produced by the solar systems through a 15-year Power Purchase Agreement (PPA) with Tioga. SunDurance will provide turnkey design and installation services.

This program will take advantage of US $22.3 million in low-interest bonds issued by the MCIA and guaranteed by the county to finance solar projects. The low cost of the bonds, coupled with federal tax incentives available to Tioga as a private developer are expected to save the county more than $2 million in energy costs annually.

“Through this program, our participating schools and county facilities will be able to significantly cut their energy bills without incurring any direct out-of-pocket expenses,” said Morris County Freeholder William Chegwidden, liaison to the Improvement Authority. “Tioga’s project financing and development expertise, the capability of their New Jersey based integration partner SunDurance Energy, and the compelling economics of the offer put forth by the team made them the clear choice for this exciting project.”

In June 2009, Morris County Improvement Authority received approval from the State Local Finance Board to issue up to $30 million in bonds, guaranteed by the county, to finance a renewable energy pilot program. The initiative calls for renewable energy sources such as solar panels to be installed, on buildings or on the grounds of public schools and municipal facilities.

In addition to the county government, the Morris County Park Commission and the Boonton, Mountain Lakes, Parsippany-Troy Hills, West Morris Regional and Morris Hills Regional school districts are participating in the program.

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