BioStar Renewables announced today that they will add 5.1 MW of solar power energy installations to their portfolio as a result of contracts totaling over $31 million. The installations will benefit schools in Hawaii and a cold storage facility in New Jersey, allowing them to save money while decreasing carbon emissions and meeting their sustainability goals. They will also utilize new cutting-edge tracking technology.
The installation in Hawaii will provide almost 2.4 MW of power to 14 Hawaii schools. The power will be generated on-site through roof-mounted solar panels, dramatically decreasing their energy costs while also providing an example of the benefits of solar power to other schools on the islands. A power purchase agreement with the Hawaii Department of Education allows BioStar and its partners to sell the generated power at a price which produces both profits for BioStar and savings for the schools. The majority of the installations are scheduled to be completed before school begins in the fall 2016.
The New Jersey installation is a 2.7 MW ground-mounted solar array in a field outside of Mullica Hill Cold Storage. BioStar is excited to be one of the first companies to utilize a new dual-axis tracking system produced by Qbotix. This streamlined system will allow the solar panels to precisely track the sun’s path for increased energy production with fewer moving parts than older tracking designs. Mullica Hill Cold Storage will directly purchase the power produced by the solar panels and will enjoy reduced electrical costs for decades to come.
Lee Ullman, Managing Director of Structured Finance, added value and helped guide the project to financial close. According to Lee, “BioStar’s construction and financing expertise as well as our strategic & economic partnerships are the key components to the financial close of the projects.” Both installations were made possible through the recent extension of the federal tax credit for solar installations as well as the market for renewable energy credits and a credit provided by the State of Hawaii. With such a favorable environment for solar and with the costs of panels decreasing, BioStar looks forward to similar deals in the future as solar power’s price advantages over utility power continue to increase.
BioStar Renewables is a leading renewable energy and energy efficiency investment firm specializing in solar, WtE (Waste-to-Energy), biogas, CHP (Combined Heat & Power), LED lighting and energy efficiency. The two new projects are the result of collaboration with National Energy Partners, a New Jersey company with extensive experience in on-site solar installations that provide clean energy at sub-utility rates.