WorldWater & Solar Technologies Corp. (OTCBB:WWAT.OB), developer and marketer of proprietary high-power solar systems, announced it will engineer and construct a 2 Megawatt solar system at Denver International Airport.
MMA Renewable Ventures LLC, a subsidiary of Municipal Mortgage & Equity (NYSE:MMA) will finance the installation through a Power Purchase Agreement (PPA). WorldWater will begin construction of the project immediately for completion in 2008. MMA Renewable Ventures will own and operate the system under a long-term PPA contract. DIA is the fifth busiest international airport in the U.S. and served nearly 50 million passengers in 2006. WorldWater’s PV system of ground mounted tracking solar arrays will be located at the entrance to the main terminal.
The project is part of the Xcel Energy Solar*Rewards program and will receive a rebate to offset the upfront construction costs. Xcel Energy will purchase the renewable energy credits from the solar energy produced in support of Colorado’s Renewable Energy Standard, which requires large utilities to generate 20 percent of their power from renewable energy sources by 2020. With the City of Denver, Xcel Energy will develop an educational display for DIA’s main terminal to explain the benefits of solar energy.
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