Mar 12 2010
The County of Ventura, Solar Power, Inc. (“SPI”) (OTCBB: SOPW), and Solar Power Partners (“SPP”) held a dedication ceremony on March 10, 2010 at Ventura County’s Saticoy Operations Yard celebrating the completion of the installation of photovoltaic (“PV”) solar systems on two of the County’s buildings.
The two systems, a 334.56 kW DC system on the Fleet Services and Public Works buildings at the Saticoy Operations Yard, and a 157.44 kW DC system on the County’s Vanguard building, have begun to provide power to the County’s operations at each location. Combined, the 492 kilowatts DC will generate an estimated 728,000 kilowatt hours of electricity during the first year of production. The system will also provide the County with a hedge against rising electricity rates for years to come. In addition, the systems will also provide the County with significant environmental benefit, producing an environmental offset that is the equivalent of removing 523 pounds (242.27 metric tons) of CO2 from the environment during their first year of operation.
Officials within Ventura County have been working to make solar energy a reality at the County’s facilities since January 2008. In 2009, they turned to Solar Power, Inc. a leading manufacturer and developer of residential, commercial and utility-scale systems to help turn their vision into action. Solar Power, Inc. partnered with Solar Power Partners to finance the systems. SPP will own and operate the systems, while selling the solar-generated electricity back to the County. Jointly, the project is financed by SPP, US Bank and another financial institution through an LLC. It is under a solar Power Purchase Agreement that electricity will be sold, requiring no up-front capital outlay from the County for the systems.
The project’s completion serves as a strong starting point for the County’s entry into sustainable alternative energy solutions and is an example of its enduring commitment to fiscal and social responsibility. “We are very happy to have completed installation of this project. We now have two state-of-the-art systems ready to produce clean, renewable solar electricity for us,” said Steve Morgan, Chief Deputy Director GSA for Ventura County. “The ultimate beneficiaries of this project will be the taxpayers across our County through the cost savings and environmental offsets these systems will generate.”
The two systems are a combination of conventional roof-mounted solar and Solar Power, Inc.’s proprietary SkyMount® system. SkyMount® enabled minimal roof penetrations, reduced installation time during the project, and will optimize the system’s solar module performance. The installations utilize 2,448 of SPI’s 205-watt modules, ranked with the California Energy Commission as the industry’s top performing solar modules in their category.
“We have enjoyed working with the entire team at the County of Ventura during the course of this project. It will be especially rewarding to see the systems we’ve produced help the County achieve their cost saving goals,” said Bradley Ferrell, President of Business Development for Solar Power, Inc. “We hope to work with the County of Ventura team again as they continue their migration to solar energy and expand their sustainability initiative across other areas of the County’s operations,” Mr. Ferrell concluded.
“We’re delighted to continue helping counties like Ventura realize the benefits of solar in a cost-effective, streamlined way,” said Bob Powell, President and CEO of Solar Power Partners. “We were especially pleased to lend our project financing and system operations experience to this partnership, and demonstrate the benefits of solar energy to local ratepayers through a smart financing and ownership model.”
The project’s completion serves as a strong starting point for the County’s entry into sustainable alternative energy solutions and is an example of its enduring commitment to fiscal and social responsibility.