William Paterson University (WPU), Nautilus Solar Energy, LLC and SunDurance Energy, LLC announced an agreement to build the largest solar energy facility at a university in the United States.
The 3.5 megawatts (MW) solar energy 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 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 (www.SunDuranceEnergy.com), a NJ-based solar system installer. Nautilus Solar will fund the installation in part through a loan provided by New Jersey Economic Development Authority.
In December, SunDurance Energy and Tioga Energy, Inc. won a $22.3 million contract to install solar panels on the roofs of 14 public school buildings in five school districts and several county government facilities in New Jersey.
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