Nautilus Solar Energy has signed on to finance the construction and operation of the first 3MW of a 3.5MW solar energy project on the rooftops and parking lots of William Paterson University (WPU) in Wayne, NJ. Upon its completion the project will be one of the largest university solar installations in the US. The construction and term financing is provided, in part, through a $5 million, 10- year loan with New Jersey Economic Development Authority (EDA).
“It was a pleasure working on this meaningful transaction with EDA, which further accentuates New Jersey’s commitment to the future of clean energy. Nautilus Solar will continue working closely with local communities to create green jobs in New Jersey and reduce energy costs for our host customers, such as WPU,” said Nautilus Solar CEO James M. Rice.
The project is expected to be on line this summer with Nautilus owning and operating the solar facility under a 15-year power purchase agreement. WPU will purchase the renewable energy at a reduced rate without any upfront costs. Construction will be completed by SunDurance Energy.