Munich Reinsurance America (Munich Re) has chosen SunPower to design and build its new 2.5MW solar power system in Plainsboro, New Jersey. Construction of the carport system will begin later this year and is scheduled to finish in the second half of 2012.
“The success of our core business is inextricably linked to environmental protection, so a sustainable approach is an indispensable component of our business strategy,” Tony Kuczinski, Munich Re’s president and CEO, said. “With the benefit of SunPower’s experience and technology, our solar carport system will maximise the solar power generated onsite, optimising our savings and reducing the need for the public utility to burn fossil fuel. It’s good for business, our community and the environment.”
“SunPower solar panels, the most efficient available, are guaranteed to perform for 25 years, delivering more solar energy per square foot than all other solar panels on the market today. As a result, Munich Re will enjoy significant long-term economic benefits of this solar carport system, maximising the return on their investment. The system will also help New Jersey meet its renewable energy goals,” SunPower managing director Tom Leyden added.
Munich Re will sell the solar renewable energy certificates (SRECs) and environmental benefits associated with the system, enabling the regional utilities to meet their renewable portfolio standard requirements. The carport development is the latest step in the Munich Re’s attempt to reach carbon neutrality and is likely to reduce energy consumption at the risk management firm’s office by nearly US$500,000.