Washington Gas Energy Systems to Build, Own and Operate Three New Solar Projects Across the Nation through Financing Partnership with Sol Systems
Solar Arrays Will Power Turtle Bay Resort in Hawaii, the KIPP School in Washington, D.C., and Presbyterian Senior Living Services in Maryland
MCLEAN, Va.--(BUSINESS WIRE)-- Washington Gas Energy Systems, Inc. has announced that it has contracted to build, own and operate three new solar arrays through a financing partnership with Sol Systems. The photovoltaic systems will power the Turtle Bay Resort in Oahu, Hawaii, the KIPP School in Washington, D.C., and Presbyterian Senior Living Services in Glen Arm, Md. Washington Gas Energy Systems will own and operate the solar systems under 20-year power purchase agreements. Sol Systems acted as an investment advisor to Washington Gas Energy Systems for these projects, which bring the organizations access to clean, solar electricity through third-party financing.
"We commend the KIPP School, Turtle Bay Resort and Presbyterian Senior Living Services for their environmental stewardship and we are pleased to be partnering with Sol Systems," said Sanjiv Mahan, Vice President of Business Development at Washington Gas Energy Systems. "This strategic project portfolio strengthens our existing footprint in key regions throughout Maryland and Washington, D.C., while expanding our portfolio into strong solar states like Hawaii, giving us a true nationwide presence."
"We strive to solve the solar industry's toughest financing challenges and Washington Gas Energy Systems is a great partner in that battle," said Yuri Horwitz, chief executive officer of Sol Systems. "They have significant experience with building and owning energy projects and these three projects are evidence that, together, we can bring economical solar electricity to the masses by widening our perspective to a broader set of distributed generation projects."
The KIPP School system will be a 227 kilowatt (kW) DC solar paneled carport, Presbyterian Senior Living Services will utilize a 1,230 kW DC ground-mounted system and the Oahu Turtle Bay Resort will make use of a 402 kW DC roof-mounted system. When completed between September and December of 2013, the solar arrays are expected to produce a significant portion of the energy required to power each organization on an annual basis.
"Turtle Bay Resort is excited to partner with Washington Gas Energy Systems, True Generation and Sol Systems on fulfilling our first phase of energy conservation initiatives reflecting our commitment to a cultural approach to sustainability and desire to help our Aloha State in meeting its clean energy goal of 70% of its electricity demand - 40% renewables, 30% energy efficiency - by 2030," said Scott McCormack, vice president of real estate at Turtle Bay.
"KIPP DC believes in innovation - innovation in the classroom and innovation in the way that we respond to challenges," said KIPP DC Director of Real Estate Alex Shawe. "By using solar power, we are not only cutting our costs, but also providing our students with a new way to think about energy and their environment."
About Washington Gas Energy Systems, Inc.:
Washington Gas Energy Systems, Inc., an affiliate of Washington Gas Light Company and a subsidiary of WGL Holdings (NYSE: WGL), design-builds and owns custom energy solutions that deliver financial, operational and carbon reduction results for non-residential customers across the United States. Washington Gas Energy Systems is focused on federal energy efficiency projects and commercial distributed generation assets including solar. Washington Gas Energy Systems currently holds over 54 MW of commercial-scale solar projects throughout the U.S. in 10 different states, including California, Connecticut, Delaware, the District of Columbia, Georgia, Hawaii, Maryland, Massachusetts, New Jersey, and New Mexico. For more information on how Washington Gas Energy Systems can make solar power a reality for you, contact Nate Greenberg, 703-333-3929, or email firstname.lastname@example.org. For further information about Washington Gas Energy Systems, please visit www.wgesystems.com.
About Sol Systems:
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated renewable energy project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has facilitated financing for thousands of projects and hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals. For more information, please visit www.solsystemscompany.com.
Washington Gas Energy Systems
Lisa Fels 703-739-2424 x110
KEYWORDS: United States North America District of Columbia Hawaii Maryland Virginia
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