SunPower Corp. (NASDAQ: SPWR) has announced the completion of a 1.8 MW solar power system in Skillman, N.J. for Bloomberg news agency. The eight-acre, ground-mounted solar tracking system is generating the equivalent of 58 percent of electricity demand at the 100,000-square-foot main building at Bloomberg's campus in Skillman. It is the first completed renewable energy project at a Bloomberg facility.
Bloomberg is buying the power generated from the system at prices below retail rates, providing a long-term hedge against rising power prices with no initial capital investment. The system is owned by a subsidiary of Integrys Energy Services Inc., which is also selling the solar renewable energy credits and environmental attributes associated with the project. The system is being partially financed through PSE&G's Solar Loan Program, through which PSE&G offers low-interest loans for solar power development.
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