New facility now generating clean electricity, on track for $124,000 in revenue and savings
Encore Renewable Energy announced today the commissioning of a 198-kilowattpeak (kWp) solar array on the roof of the UVM Medical Center on Holly Court in Williston, VT. The project began generating solar electricity in December 2018. UVM Medical Center will receive net metering credits at a discount, along with a steady stream of lease revenue from an otherwise unused rooftop. Together, these will result in approximately $124,000 of total value to UVM Medical Center over the 25-year life of the system.
"The UVM Medical Center is pleased to have worked with Encore Renewable Energy and Sunwealth on this very successful project, the third of its kind for our organization," said Peter C. Bero, Senior Project Manager at UVM Medical Center. "We value their expertise in making these important renewable energy initiatives come to life."
Acting as developer and as the engineering, procurement and construction contractor, Encore was responsible for all development, design, permitting and construction for the project, as well as for arranging the permanent financing. Sunwealth, one of Encore's strategic financing partners, financed the project and will own and operate it for the life of the system.
"Sunwealth's investors are individuals, foundations and corporations who want to put their money to work in regional solar installations creating clean energy, jobs and revenues for local solar developers, and energy savings for power purchasers - while delivering long-term, fixed-rate returns as the panels generate power," said Jon Abe, CEO of Sunwealth, "The UVM Medical Center project checks all the boxes: it's a win for the medical center, the community and our investors."
"Encore is delighted to have worked with UVM Medical Center and Sunwealth on this exciting project", said Chad Farrell, Encore's Founder and CEO. "This is a great example of the type of projects Encore is most focused on developing, as it took an otherwise unusable piece of property and put it to work in a way that advances the climate economy and reduces the electric bills of an important organization in the community. We are very pleased to have had the opportunity to work on this system with a forward-thinking leader in the medical industry such as UVM Medical Center, and a leading impact-focused solar investor such as Sunwealth."
About Encore Renewable Energy
Encore Renewable Energy is a Burlington, Vermont-based leading clean energy development company focusing on commercial-scale solar photovoltaic systems and 21st-century solutions for underutilized property, including landfills, brownfields and rooftops. Founded in 2007 as Encore Redevelopment, Encore specializes in the design, development, financing, permitting, and construction of renewable energy projects. For more information about Encore, please visit EncoreRenewableEnergy.com
About UVM Medical Center
The University of Vermont Medical Center is a 447-bed tertiary care regional referral center providing advanced care to approximately 1 million residents in Vermont and northern New York. Together with our partners at the Larner College of Medicine at the University of Vermont and the College of Nursing and Health Sciences, we are Vermont's academic medical center. The University of Vermont Medical Center also serves as a community hospital for approximately 150,000 residents in Chittenden and Grand Isle counties. The University of Vermont Medical Center is a member of The University of Vermont Health Network, an integrated system established to deliver high quality academic medicine to every community we serve.
For more information visit www.UVMHealth.org/MedCenter or visit our Facebook, Twitter, YouTube, and blog sites at www.UVMHealth.org/MedCenterSocialMedia.
Sunwealth is a clean energy investment firm working to change who has access to renewable energy by changing the way we invest in it. Combining deep experience in solar development with roots in local impact investing, Sunwealth makes it possible for individuals, foundations and corporations to put their money to work in small-scale solar projects that create energy savings for community partners, jobs and revenues for local solar developers and clean energy for the environment, while delivering meaningful financial returns. Learn more at www.sunwealth.com.