Schneider Electric says it is implementing a $50 million energy savings performance contract (ESPC) project for the U.S. Coast Guard (USCG) in Puerto Rico.
Schneider Electric will install 2.89 MW of PV on renovated USCG rooftops over a 13-month period. The company is constructing 300 individual PV systems on the facilities, resulting in guaranteed production of more than 4 GWh annually.
The photovoltaic electricity production, combined with new cool roofs that will reduce the annual cooling load of the buildings by 3.9 billion Btus, will result in an overall reduction of utility-purchased electricity by an estimated 40%, according to the company's calculations.
The USCG project is the first of its kind to combine the Renewable Energy Services Agreement financing structure within an ESPC financing vehicle, thus maximizing the incentives and overall value to the USGC and enabling an extension of the renewable energy financing term beyond 10 years, Schneider Electric adds. Funding for the investment relied upon the U.S. Department of the Treasury's grant rather on the investment tax credit.