Information from the FOR IMMEDIATE RELEASE
Cape & Vineyard Electric CooperativeNovember 7, 2013
FOR ADDITIONAL INFORMATION:Liz Argo, CVEC Special Projects Coordinator, (774) 722-1812
www.cvecinc.org
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CAPE & VINEYARD ELECTRIC COOPERATIVE ANNOUNCES GROUND BREAKING CEREMONIES FOR THREE OF EIGHT SOLAR PROJECTS
Cape & Vineyard Electric Cooperative, Inc. (CVEC) is pleased to announce two ground breaking ceremonies to kick off three (3) of their eight (8) solar photovoltaic (PV) projects to be constructed on Cape Cod and Martha’s Vineyard. The ceremonies will take place on November 12th with the initial ground breaking ceremony for Edgartown’s Katama Farm and Nunnepog PV projects scheduled at Edgartown's Katama Farm starting at 10:00 AM, followed by a second ground breaking ceremony for the Chatham Capped Landfill project the Chatham Capped Landfill at 3:00 PM.
To date, CVEC is engaged in two PV Initiatives; Round 1 consisting of approximately 16 MW for 7 municipalities & Round 2 consisting of approximately 20 MW for 10 municipalities and districts. The CVEC PV Initiatives offer unique project structures that take advantage of federal and state incentives for solar development and allow bundling leverage as CVEC procures and develops projects on behalf of its municipal members. These initiatives will make significant strides towards a sustainable Cape Cod and Martha’s Vineyard.
Chatham’s solar project, at 1,837 kW (1.8 MW), will save the town an estimated $120,446 in year one and over $3.5 million cumulatively by the end of year 20.
Edgartown’s two solar projects will also provide significant savings. Katama Farm, at 1,271 kW (1.2 MW), is projected to save Edgartown $45,153 in year one and approximately $1.6 million cumulatively by the end of year 20. Nunnepog, at 1,442 kW (1.4 MW), will provide approximately $39,021 in savings in year one and over $1.6 million cumulatively by the end of year 20. That’s a total projected savings of $84,174 in year one and over $3.2 million cumulatively.
The energy produced from all eight (8) projects represents 26% of the Cape & Vineyard municipal load and 1.1% of the total energy load for all customers on the Cape & Vineyard. The greenhouse gas reduction from these projects can be measured as the equivalent of removing 2,639 passenger vehicles from the road.
American Capital Energy, Inc. (ACE) was selected as the project developer and builder through a competitive bidding process. ACE is a Massachusetts company with headquarters in Lowell, MA. ACE will use local labor for construction. Clean Focus Corporation is providing construction and permanent financing and will own and operate all eight (8) CVEC projects.
About Cape & Vineyard Electric Cooperative
The Cape & Vineyard Electric Cooperative, Inc. (CVEC) is an electric cooperative comprised of 17 towns on the Cape and Martha’s Vineyard plus Barnstable, Duke’s County and the Cape Light Compact. CVEC was formed out of a strategic planning process commissioned and undertaken by the Cape Light Compact (CLC) in 2007. CVEC’s objectives include developing and/or owning renewable electric generation facilities and procuring or selling long-term electric supply or other energy-related goods and services at competitive prices to member communities and consumers within member communities. (www.cvecinc.org)
About American Capital Energy
American Capital Energy, Inc. (ACE) is the solar developer and builder for the CVEC projects. American Capital Energy is an award winning national solar engineering, procurement and construction contractor and solar developer. Specializing in large complex roof and ground mounted systems, ACE designs, finances, installs and implements solar systems for commercial, municipal, and utility clients. Founded in 2005, the company has installed more than 50 large-scale PV projects in nine states, and has developed over 35 MW of PV projects on landfills and brownfields. ACE is committed to changing the way electricity is made, and looks forward to helping CVEC to bring Cape Cod and Martha’s Vineyard closer to sustainability.
About Clean Focus
Clean Focus Corporation develops, finances, owns, and operates large commercial, small utility, and municipal solar power installations across the United States and selectively throughout the Americas. Clean Focus fosters strategic partnerships with early stage developers and EPCs to achieve project-specific goals. Clean Focus provides flexible financing (long-term PPA's or leases) to accommodate a wide range of sites and offtakers and to satisfy complex stakeholder relationships. Founded in 2008 and headquartered in Silicon Valley, Clean Focus delivers reliable, speedy, highly competitive financing solutions for solar power projects. (www.cleanfocus.com)