BUCKEYE, USA: REgeneration Finance, LLC, an experienced solar finance and development firm, has initiated construction on 3.26 MW of photovoltaic solar installations for Buckeye Elementary School District in Buckeye, AZ.
GV Enterprises, a local project management firm, along with CORE Construction, a leading national construction company with a regional office in Buckeye, and solar consultant Natural Power & Energy, began installation of the systems earlier this month. The project’s seven sites consist of six schools and one district office.
Buckeye Elementary School District weighed multiple financing options for its solar project before selecting REgeneration Finance’s power purchase agreement alternative. Under the agreement, REgeneration Finance will develop, own, operate and maintain the solar project while selling the electricity generated by the photovoltaic installations to Buckeye Elementary School District – an agreement that ultimately proved to be the least risky and most cost effective option for the school district.
“Buckeye Elementary School District is pleased to be able to bring solar photovoltaic generation to its schools,” stated John Drew, Project Manager and spokesman for the District. “Given the issues that other generation sources are seeing, a solar PV system with little or no impact to the environment and minimal maintenance is a real plus. BESD and its construction team are looking forward to teaming with REgeneration on this project.”
REgeneration Finance will take full financial responsibility for the construction and operation of the project, and will serve as the long-term owner of the photovoltaic systems. Buckeye Elementary School District will purchase the electricity generated by the installations at a predetermined rate from REgeneration Finance, but assumes no risk for the development or ongoing maintenance of the project. The project, consisting of both elevated ground-mount and roof-mount installations, is estimated to provide approximately 70 percent of the school district’s annual electricity consumption.
“REgeneration Finance is committed to taking full advantage of all federal and state incentives to provide school districts around the country with the most cost-effective solar projects possible,” said Laurance Friedman, REgeneration Finance’s CEO. “This project for Buckeye Elementary School District will create local jobs, provide the school district with a long-term energy hedge and contribute to ‘greening’ our nation’s energy supply.”
The project is made possible by a utility rebate from Arizona Public Service as part of its Renewable Incentive Program. It will use locally-made PowerOne inverters and be built with local labor provided by CORE Construction Services of Arizona Inc.
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