William Paterson University (WPU), independent solar power producer Nautilus Solar Energy LLC and SunDurance Energy LLC have signed an agreement to build a 3.5 MW solar energy project that will comprise rooftop and parking-lot solar installations on the WPU campus in Wayne, N.J.
The first 3 MW phase is expected to be online this summer, and the remaining 500 kW portion is expected to be online in early 2011. Nautilus Solar will finance, 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 project will be designed and constructed by SunDurance Energy.
Nautilus Solar will fund the installation, in part, through a loan provided by the New Jersey Economic Development Authority.
SOURCE: Nautilus Solar Energy LLC