Sol-REIT is funding a portfolio of projects that provides three school districts in New Jersey communities with renewable energy at a savings of up to 72% compared to the state’s average energy costs.
Sol-REIT’s $9 million refinance loan to DIASASP Holdings, the developer of solar systems at Delsea Regional, Middletown Township and Plainfield school districts in New Jersey, will support continued renewable low-cost power generation for the districts under their power purchase agreements.
“It is critical that the benefits of clean, renewable solar energy are accessible to everyone,” states Tom Gleckner, project manager for DIASASP Holdings. “DIASASP is excited to provide significant power savings to these school districts, which also will benefit their entire communities and fund student needs in the future.”
The projects generate an accumulation of 7.4 MW of solar power from a total of 21,467 solar panels covering 25 different installations. Nearly 75% of the systems are roof-mounted, except for ground-mounted systems in the Delsea School District.
“This is another example of what Sol-REIT can do for the municipality, utility, school and hospital sectors,” says Mark Settles, CEO of Sol-REIT. “We are primed to handle a variety of projects focused on clean, renewable energy that provide developers working capital and cash flow to get these projects to COD and beyond. We are active with a successful REIT in the marketplace and we’re deploying capital.”
The projects will enable the school districts to reduce energy costs to as low as 3.83 cents per kWh hour, compared to New Jersey’s average statewide rates of 13.63 kWh. The project will potentially generate enough clean electricity to power more than 875 homes a year, based on the average U.S. home use of 11 MW per year.