Solar Power Purchase Agreement to Provide Long-Term Energy Savings, Security and Sustainability
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Tioga Energy, a leading renewable energy services provider and EI Solutions, a leader in smart solar solutions, today announced that the City of Santa Barbara has selected the two companies to design, build and fund a 384 kW DC (331 kW AC) solar electric system. The system will be designed and built by Pasadena-based EI Solutions to maximize energy production and economic value for the City of Santa Barbara by utilizing available roof space on the City of Santa Barbara's corporation yard at Garden and Laguna streets. Under the terms of the SurePathSM Solar PPA, Tioga Energy's proprietary power purchase agreement, Tioga Energy will operate and manage a suite of solar energy services deployed by EI Solutions.
EI Solutions and Tioga Energy met the city's exacting requirements in constructing an agreement that fulfilled the city's financial and operational expectations. The roof-mounted PV system, designed and installed by EI Solutions, will include a total of 1,830 Suntech 210-watt solar panels and will offset a substantial portion of the facility's energy load with renewable solar energy. Suntech solar panels were chosen for their consistent high quality and reliable performance and efficiency. The system was designed by EI Solutions to meet the high aesthetics standards of Santa Barbara's historic downtown area - which is where the system will be located - while still providing maximum energy output. Once complete, the solar energy system will produce enough power to service the equivalent of 1,040 area homes (based on a single family occupancy energy use of 5,000 kWh per year). A groundbreaking ceremony for the project will be held on September 10th, 2008.
Under the terms of the SurePath Solar PPA, Tioga Energy will be responsible for the operation and maintenance of the solar PV system for the 20-year term of the contract. The City of Santa Barbara will purchase green energy produced by the solar system at rates competitive to those for traditional electric service. The Tioga Energy PPA guarantees a predetermined pricing schedule, thereby acting as an energy hedge protecting the city from future utility rate increases.
"We are very pleased to enter this arrangement with EI Solutions and Tioga Energy, and found in them an extremely competitive team able to address our chief construction and financing concerns and structure a deal that will guarantee long-term economic and environmental value to our city," said Jim Dewey, facilities and energy manager at the City of Santa Barbara.
"We are proud to support the City of Santa Barbara's continued leadership in sustainability with their decision to invest in clean energy. They are providing a strong example to other municipal and public institutions seeking to preserve their environments and protect their futures," said Andrew Beebe, president of EI Solutions. "We are excited to work with Tioga Energy on this project, and the expertise they bring in structuring and financing significant projects like this."
"We're focused on building a long and lasting relationship with the city, and thereby building a sustainable PPA business with benefit for partners and customers," said Paul Detering, chief executive of Tioga Energy. "EI Solutions has been a valuable partner in that regard, helping make the economics of solar work to Santa Barbara's advantage from day one and for years to come."
About Tioga Energy
Tioga Energy accelerates access to clean energy by owning and operating renewable energy projects, eliminating up-front capital investments and operational requirements. Through long-term power purchase agreements (PPAs), Tioga Energy fast-tracks solar electricity and alternative renewable energy adoption for commercial, government and non-profit organizations, partnering with trusted industry experts to install efficient and reliable facilities. For more information, visit: www.tiogaenergy.com or call 877-333-9787.
About EI Solutions
EI Solutions is one of California's fastest-growing providers of commercial and utility-scale solar power systems. The company has completed projects for a wide variety of public agencies and private companies including Sony, BT and the largest solar installation on a US corporate campus, a 1.6 megawatt system on Google's Mountain View headquarters. EI Solutions' headquarters are in San Rafael, California, where all engineering, project management, finance and administrative functions are based. EI Solutions also operates a sales and marketing office in Pasadena, California, at the home of its parent company, Energy Innovations. Energy Innovations, an Idealab company, has assembled a world-class team of experts in the fields of solar concentration and single axis tracking to deliver cost-effective, grid-competitive solar electric power. More information can be found at www.eispv.com or by calling 800.237.0916.
Suntech Power Holdings Co., Ltd. is a world leading solar energy company as measured by both production output and capacity of solar cells and modules. Suntech is passionate about improving the environment we live in and dedicated to developing advanced solar solutions that enable sustainable development. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly solar products for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech offers one of the broadest ranges of BIPV products under the MSK Solar Design Line(TM). Suntech has sales offices worldwide and is a market share leader in key global solar markets. For more information, please visit http://www.suntech-power.com.