5 acre ground mount system provides electricity to high-usage consumer; PPA guarantees electricity rate for 25 years
Dublin (Georgia), January 29, 2013. – MAGE SOLAR, a turn-key provider of optimally coordinated solar PV solutions, and Paradise Energy Solutions, an integrator company operating in nine North Eastern states, announced the completion of a 1.12 MW system for Martin Limestone Inc.
Martin Limestone, Inc. is a construction materials supplier providing aggregates, hot-mix asphalt, paving, and concrete products from plants in several locations throughout Pennsylvania. Staying cost competitive without compromising quality has been a huge challenge for the industry in general, especially as utility costs are continually rising. For its New Holland facility Martin Limestone decided to opt for a renewable energy system that would give it a long-term financial advantage. The site is home to a block and ready-mix manufacturing plant as well as warehouses, stores, and offices.
But rather than investing in and securing financing for a solar system that would cover nearly 50% of the energy needs for the New Holland Concrete facility, the company chose to engage in a Power Purchase Agreement (PPA) with Sunstream Energy. Sunstream Energy, a sister company of Paradise Energy, is leasing five acres of land on New Holland Concrete's property where it has installed the 1.12 MW solar farm. In return, Sunstream Energy sells the generated electricity to New Holland Concrete under a 25-year fixed rate.
"As a business this project allows us to lock in reasonable long-term electric rates using a clean, renewable power source without a significant upfront investment," comments Jeff Detwiler, chief executive officer of Martin Limestone, the owner of New Holland Concrete. "The system also generates the highest amounts of power during our peak production times."
The 4,480 MAGE POWERTEC PLUS modules are mounted on 8 rows of ground mounts and are expected to generate 1.5 million kWh annually, enough electricity to power about 150 homes. Paradise Energy built the system, one of the county's largest, in only four months and will continue to monitor it for optimal maximum power production. Since the MAGE POWERTEC PLUS modules are warranted to produce 0 to +5 W tolerances only, the system is engineered to generate the highest energy yields possible. Additionally MAGE SOLAR's signature 30-year 80% power output guarantee ensures some of the longest ROI periods in the industry.
"This project created numerous jobs during the construction phase," said Tim Beiler, CEO of Paradise Energy Solutions. "It is mutually beneficial to the investor, Sunstream Energy, and to the end user of the electricity, Martin Limestone. I have been thrilled with the cooperation from all parties involved to make this project happen, helping to create a bright and sustainable future for the community."
Financing for the system was made possible in part by the Department of Treasury's 1603 grant program which covered 30% of the project costs, as well as favorable bonus depreciation rules for solar energy systems. The system was commenced at the end of December 2012.
"The Martin Limestone installation is a particularly great example of the role renewable energy systems play as a valuable economic tool," adds Joe Thomas, President and CEO of MAGE SOLAR USA. "They have the power to leverage competitiveness and manage operating expenses for the long-term even for high energy users like Martin Limestone. Our sincere thanks and appreciation also go to our partners at Paradise Energy for executing this project so swiftly and competently."