Sol-REIT is funding a portfolio of projects that provides three school districts in New Jersey communities with clean, renewable energy at a savings of up to 72% compared to the state’s average energy costs. Sol-REIT’s $9 million refinance loan to DIASASP Holdings, the developer of solar systems at Delsea Regional, Middletown Township and Plainfield school districts in New Jersey, will support continued renewable low-cost power generation for the districts under their power purchase agreements.
“It is critical that the benefits of clean, renewable solar energy are accessible to everyone,” states Tom Gleckner, project manager for DIASASP Holdings. “DIASASP is excited to provide significant power savings to these school districts, which also will benefit their entire communities and fund student needs in the future.”
The projects generate 7.4 MW from a total 21467 solar panels, which cover 25 different locations. Nearly 75% of systems are roof-mounted with the exception of ground-mounted systems in Delsea Schools District.
“This is another example of what Sol-REIT can do for the municipality, utility, school and hospital sectors,” says Mark Settles, CEO of Sol-REIT. “We are primed to handle a variety of projects focused on clean, renewable energy that provide developers working capital and cash flow to get these projects to COD and beyond. We are active with a successful REIT in the marketplace and we’re deploying capital.”
The projects will enable the school districts to reduce energy costs to as low as 3.83 cents per kWh hour, compared to New Jersey’s average statewide rates of 13.63 kWh. Based on the average U.S. home consumption of 11 MW per a year, the project will generate enough clean energy to power over 875 homes annually.