Projects Cut Carbon Emissions, Deliver 80-90% of District's Electricity Needs
CHARLOTTE, N.C. - Duke Energy Renewables, Integrys Energy Services and Smart Energy Capital today announced the completion of two ground-mounted photovoltaic (PV) systems for the Central Regional School District in Bayville, N.J.
The PV solar arrays at Central Regional Middle School and Central Regional High School can collectively produce approximately 1.5 megawatts (direct current) of zero-emission electricity.
"We expect the system will meet 80 to 90 percent of the district's total electric needs each year," said School Administrator Kevin O'Shea. "At the same time, the district is reducing carbon emissions while educating its students on the environment.
"The district estimates it will avoid the release of approximately 19 million pounds of carbon dioxide in the first year of operation," he added. "Kiosks in each school will enable students, parents and community members to track the savings and energy produced by the system."
The school district is purchasing all of the output from its respective PV systems at a fixed rate under the terms of a 20-year power purchase agreement with a project company owned by INDU Solar Holdings. INDU is a 50-50 joint venture between Duke Energy Renewables and Integrys Energy Services.
These PV solar projects are examples of the development model announced by the INDU partners and Smart Energy Capital in October 2010. At that time, the companies committed to jointly pursue the development of rooftop and smaller ground-mounted solar projects for customers throughout the United States.
The model provides customers certainty of financing and a faster, more efficient transaction.
The partners continue to pursue several other PV projects in various stages of development across the United States.
Smart Energy Capital, together with its strategic partner, the Dobco Group, developed the PV projects for the school district, which included arranging the sale of Solar Renewable Energy Certificates. INDU financed all of the construction costs for the projects.
About INDU and Smart Energy Capital
INDU Solar Holdings is a strategic financing program formed by Integrys Energy Services, a wholly-owned subsidiary of Integrys Energy Group, Inc., and Duke Energy Renewables, a wholly-owned subsidiary of Duke Energy Corp., to develop, construct, finance, own and operate solar photovoltaic projects that are originated and developed by Smart Energy Capital on behalf of commercial, school, government and utility customers throughout the United States. The partnership is unique in that it provides 100 percent of the financing for project construction and incorporates all federal tax benefits in a single structure, thereby eliminating the need for separate construction financing or tax equity structures for individual projects.
About Duke Energy Renewables
Duke Energy Renewables, part of Duke Energy's Commercial Businesses, is a leader in developing innovative wind and solar energy solutions for customers throughout the United States. The company's growing portfolio of commercial renewable assets includes 10 wind farms and 11 solar farms in operation in eight states, totaling approximately 1,000 megawatts in electric-generating capacity. Learn more at www.duke-energy.com/renewables.
Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.
About Integrys Energy Services, Inc.
Established in 1994, Integrys Energy Services, Inc. provides competitive energy supply solutions, structured products, and strategies that allow retail residential, commercial, and industrial customers to manage their energy needs. Its principal energy marketing operations are in the northeastern quadrant of the United States. Through its subsidiary, Integrys Energy Services - Natural Gas LLC, Integrys offers natural gas products to a full range of end-users throughout the Midwest. Areas of generation expertise include cogeneration, distributed generation, renewables such as solar and landfill gas, as well as clean fuel generation, with facilities in selected markets throughout the United States. More information about Integrys Energy Services is available online at www.integrysenergy.com. Integrys Energy Services is a subsidiary of Integrys Energy Group (NYSE: TEG), a Fortune® 500 company with a 150-year heritage. More information about Integrys Energy Group, Inc. is available online at www.integrysgroup.com."
About Smart Energy Capital
Smart Energy Capital, LLC (www.smartenergycapital.com) is a leader in the financing and development of solar energy projects. The principals of Smart Energy have a deep background and successful track record in structuring and arranging innovative financing solutions and developing renewable energy projects. They have managed a portfolio of over 300 megawatts of solar projects and raised in excess of $200 billion of innovative financings.
Integrys Energy Services
Smart Energy Capital
SOURCE Duke Energy
Web Site: www.duke-energy.com