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School District Saves $300,000 Annually with Solar Energy
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Hemet USD reduces electricity bills with Tioga Energy
Submitted on 10/19/12, 11:09 AM
HEMET, Calif. – October 19, 2012 – Representatives from the Hemet Unified School District, Tioga Energy®, Johnson Controls, De Lage Landen and Wells Fargo & Company (NYSE: WFC) today gathered in Hemet, Calif. to celebrate the completion of 17 solar electric systems for area elementary, middle and high schools.
The 4.4 MW of solar electric canopies now provide shade for approximately 1,400 parking spaces and nine playgrounds across the district. Tioga Energy, a leading provider of renewable energy services to commercial, government and non-profit institutions, financed each of the 17 systems through its SurePath® Solar power purchase agreements (PPAs). Tioga developed and will operate and maintain the systems, selling the generated electricity to Hemet USD over 20 years at rates lower than the local utility. The agreement will save the district approximately $300,000 in utility costs annually.
These systems are the first to be developed under a master financing agreement between Tioga Energy and De Lage Landen (DLL), a global provider of high-quality asset-based financing products and supporter of sustainable clean technology. Additionally, Wells Fargo & Company participated in the projects as a construction lender and tax equity investor alongside DLL's tax equity investment to further broaden the scope of the Tioga-DLL financing facility.
Johnson Controls delivered all engineering, procurement and construction (EPC) solutions for the project.
"Tioga Energy's expertise and unswerving dedication were critical to making this project possible," said Vince Christakos, Assistant Superintendent, Business Services for the Hemet Unified School District. "From securing the very last of the best available incentives to providing an on-site presence at every installation site, the Tioga team worked hard to ensure our needs were being met."
"The Hemet Unified School District does an excellent job with monitoring its energy consumption, and its vision for further managing costs with solar was clear from the beginning," said Paul Detering, CEO of Tioga Energy. "Because of the District's dedication, it is able to focus school resources on the ultimate prize: quality student education."
Antenna Group for Tioga Energy