Veriown Energy to Help University of the Virgin Islands Cut Energy Costs by 50 Percent with Distributed Solar
As U.S. territory endures crippling energy costs, New Generation Power, Veriown Energy, and UVI partner to bring relief to university with three megawatt distributed solar installation
CHICAGO---In terms of natural beauty, the U.S. Virgin Islands are considered paradise. In terms of energy costs and its compounding impact on the local economy, it has become more like a nightmare. The average electricity consumer in the Virgin Islands pays more than 50 cents per kilowatt hour, which is about four times more than consumers on the U.S. mainland. But a new 20-year power purchase agreement signed today by University of the Virgin Islands that will be owned and operated by Veriown Energy, a subsidiary of New Generation Power (NGP), will go a long way to reducing those exorbitant costs.
"The U.S. Virgin Islands is an extreme case of how run away energy cost tied to fossil fuels can cripple economies," said Dr. Chirinjeev Kathuria, President, Chairman of New Generation Power, Chairman of Veriown Energy. "Distributed solar and other distributed energy solutions delivered by Veriown Energy can change the future of the U.S. Virgin Island economy and become a model for other islands that struggle with similar challenges."
An agreement inked today at a signing ceremony on St. Thomas calls for the construction of three megawatts of solar power for UVI's two campuses and assist in reducing the institution's dependence on fossil fuel by 50 percent by 2015. The photovoltaic system will use approximately 4.2 acres on the St. Thomas Campus and 3.9 acres on the Albert A. Sheen Campus on St. Croix. The system is expected to produce 4.5 million kilowatt-hours annually.
"With this project, we see the opportunity of distributed solar to unshackle energy consumers from the grips of traditional models of energy generation and distribution," said Steve Johanns, CEO, Veriown Energy. "This project and collaboration with UVI is just the beginning of a new future leading to cleaner, more efficient, reliable, and lower cost energy solutions for the U.S. Virgin Islands."
"This is a historic and transformative development for the University and the Virgin Islands," said UVI President David Hall. "Once this project is completed, UVI will have blazed a trail that many universities throughout the world are destined to follow. Energy consumption and costs are crippling challenges facing the Virgin Islands and the broader Caribbean; and this initiative creates a pathway for addressing the problems."
With distributed solar, distributed generation and microgrids poised to change the face of energy, Veriown Energy brings together top players at every level of the energy value chain to deliver immediate scale and innovation in commercial-sized, distributed energy solutions. Veriown is a spin out of New Generation Power, a global developer of utility scale renewable energy and infrastructure, with booked contract revenues over $600M.
Focused squarely on the commercial and institutional market, Veriown offers businesses, universities, governments and other institutions on-site distributed solar and distributed energy services to allow its clients to lock in long-term, low-cost, predictable energy rates with little to no capital expense.
Veriown will be making several other announcements of new projects in the coming weeks and months.