Nautilus Solar Energy LLC has closed a financing agreement for the first 3 MW of a 3.5 MW solar energy project on the William Paterson University (WPU) campus in Wayne, N.J.
The construction and term financing for the project is provided in part through a $5 million, 10-year loan with New Jersey Economic Development Authority.
The project will include rooftop and parking lot solar installations and is expected to go online this summer. Nautilus Solar will own and operate the solar facility under a 15-year power purchase agreement, through which WPU will purchase a renewable energy source at a reduced rate without any up-front costs. The system will be constructed by SunDurance Energy, a New Jersey-based solar system installer.
SOURCE: Nautilus Solar