By BALTIMORE — Johns Hopkins announced a new solar project that will produce affordable and reliable solar energy to power to its facilities. The solar project, Johns Hopkins’ first, is located in Queen Anne’s County, Maryland and is expected to offset about 18 percent of the total energy Johns Hopkins facilities utilize.
Installed and maintained by SolarCity with financing and management by Direct Energy Business, the solar power system will deliver the energy generated to Johns Hopkins for less than their current electricity rate, and provide a long term hedge against the rising costs of purchasing power.
Due to lack of roof or ground space on current facilities for such a large-scale solar project, Johns Hopkins chose a remote solar arrangement that could still provide its facilities with affordable power. The remote solar system is made possible through cooperation of PJM Interconnection, the regional transmission organization that coordinates the movement of wholesale electricity.
Direct Energy Business already works directly with PJM on behalf of Johns Hopkins to schedule and procure wholesale energy, and will now secure an equivalent amount of energy as is generated by the new solar system at a low, predictable rate. The 13.6 megawatt solar installation will feature more than 40,000 solar panels across a 97-acre plot of land in Wye Mills, part of Queen Anne’s County, Maryland.
“We’re honored to continue our work with Johns Hopkins by providing the financing and management for this new remote solar system,” said John Schultz, President of Direct Energy Business. “As a total energy management service provider, we are able to offer an energy solution that helps Johns Hopkins meet its procurement needs while also hedging against future rate increases.”
The solar system is expected to avoid the emission of 1.4 million metric tons of CO2 into the atmosphere over the next 20 years, which is equivalent to removing more than 313,000 cars from U.S. roads for one year. In two decades, the system will also produce the energy equivalent to powering more than 180,000 homes for a year.*
“Johns Hopkins’ solar project is not only a huge endorsement for clean energy, but also an incredible business decision that will help them save on energy costs for years,” said Jesse Jones, SolarCity’s vice president of development and acquisitions. “Solar power is one of the simplest and most affordable sources of energy. Even if roof space is limited, remote solar solutions can help organizations like Johns Hopkins experience all of solar’s benefits.”
OneEnergy Renewables located the site and led the pre-construction development work.
“We’re proud to help a world class institution like Johns Hopkins benefit from the environmental and economic advantages associated with an optimally-sited solar project developed on the Eastern Shore,” said Travis Bryan, COO of OneEnergy Renewables and a JHU alum (SAIS ’11). “Consistent with a longstanding tradition of innovation, it’s inspiring to see Johns Hopkins blaze a trail for other institutions to follow in securing large-scale renewable energy solutions.”
The project is expected to be completed and operational within the first half of 2016 and will serve the Johns Hopkins East Baltimore Campus.
*Environmental calculations are based on 25 year solar system contracts and data from the United States Environmental Protection Agency.
This release contains forward-looking statements including, but not limited to, statements regarding expected cost savings, offsets and solar system completion timelines. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled “Risk Factors” in SolarCity’s quarterly report on Form 10-Q, which has been filed with the Securities and Exchange Commission and identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Direct Energy
Direct Energy is a leading energy and energy-related services provider with nearly five million residential and commercial customers in North America. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world’s leading integrated energy companies, Direct Energy operates in 50 U.S. states plus the District of Columbia and 10 provinces in Canada.
About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance.
About OneEnergy Renewables
OneEnergy Renewables develops utility-scale renewable energy projects across North America and is building a diverse, distributed solar project portfolio for commercial, institutional, government, and utility customers. OneEnergy delivers advanced energy procurement solutions and sophisticated clean energy market expertise to help its clients meet demanding financial and sustainability targets.
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