Anova Energy Solutions Develops Multi-System Solar PV Array Project at Meridian Center, Eatontown
Eatontown, NJ, May 4, 2010 - /FLIERWIRE/-- Anova Energy Solutions LLC, an Eatontown NJ solar development and financing consultant, and Meridian Solar Partners LLC (MSP), an affiliated NJ owner and operator of solar systems, have partnered to install multiple rooftop solar photovoltaic systems on three properties at Meridian Center in Eatontown, NJ. The solar systems, which will involve installations on four separate buildings, are expected to total approximately 725 kW and produce over 800,000 kWh of electricity annually.
Anova Energy Solutions was responsible for the development, structure and financing of the project. Gary Rafaloff, a Managing Partner at Anova, said "We believe the owners and tenants at these properties will see significant benefits through the long term reduction and stabilization of their energy rates. On top of that are the obvious benefits for the environment from the production of 800,000 kWh/year of clean, green, renewable energy". Rafaloff believes that combined, this will be the largest commercial solar pv system in Eatontown. He hopes it will help spur additional properties in the community to go green. "The main hurdle for property owners right now is access to financing for the systems. Our relationships with the private equity and finance community allowed us to structure this project so that the system owner will receive an above market, tax-advantaged return".
MSP will own and operate the systems and sell all of the solar energy back to the properties through the use of long term Power Purchase Agreements (PPAs). According to Managing Partner, Eric Phillips, "By utilizing our proprietary PPA and customized business structure, we can create a win-win situation for property owners; they receive the numerous advantages of cheap, clean, renewable energy and, in addition, they have no up-front costs or ongoing maintenance obligations." Phillips added "We are helping landlords increase their profits by turning their underutilized rooftops into a new source of revenue."
The design and installation of the systems, scheduled to begin in April, will be done by Trinity Solar, a Freehold NJ based integrator of solar electric systems. When completed, the solar arrays will contain approximately 3,550 crystalline panels. Anova estimates that the combined systems will avoid the emission of over 90,000 tons of carbon dioxide (CO2). This would be the equivalent of removing more than 1,400 cars from the nation's highways.