WHITE PLAINS, NY, Nov. 14, 2011 -- New solar power projects being built at water pump stations and a wastewater treatment plant are expected to save the Town of Prescott Valley, AZ, more than $1.5 million in electrical costs over the next 25 years.
Smart Energy Capital, a leading solar development and finance company, and Wilson Electric of Tempe, AZ, will build and maintain a total of four units to provide supplementary power for facilities that are some of the town's biggest energy users. It is expected that a total of 2.7 million kWh of solar generated power will be produced in the first year, making it the largest solar energy development in the town's history.
"The Town of Prescott Valley is excited for construction of the solar projects to begin. We look forward to our partnership with Smart Energy Capital and Wilson Electric," said Kim Moon, Town of Prescott Valley. "The ability to purchase affordable solar power helps our community, and the APS solar incentives have helped make it possible."
Under the terms of a power purchase agreement, Smart Energy Capital will fund all the development costs and sell 100% of the electricity that the four systems generate at a fixed rate per kilowatt-hour for 25 years.
"We are excited to help Prescott Valley to simultaneously achieve its sustainability objectives and reduce their electricity costs, without having to risk their own capital," said Smart Energy Capital Managing Partner Brian Weisman. "Smart Energy and Wilson Electric are proud to be supporting the town's renewable energy efforts." This project furthers Smart Energy Capital's leadership position in developing and financing multi megawatt solar PV projects for municipalities, school districts, and commercial entities.