Anova Energy Solutions Begins Development of Solar PV Rooftop Array at Neptune, New Jersey Property
September 21, 2010
Eatontown, NJ -- Anova Energy Solutions will be partnering with Meridian Solar Partners LLC (MSP), an affiliated New Jersey owner and operator of Solar PV systems. Anova and Meridian most recently partnered on the 728kW solar system installed on four buildings at Meridian Center in Eatontown. When completed, the Heck Avenue solar system will produce approximately 55,000kWh of electricity annually.
MSP will own and operate the systems and sell all of the solar energy back to the properties through the use of a long term Power Purchase Agreement (PPA). According to Managing Partner, Eric Phillips, "Our proprietary PPA and customized business structure, allows the property owner to receive the advantages of cheap, clean, renewable energy with no up-front costs or ongoing maintenance obligations" In addition to the solar system, MSP is also providing the property with a new roof in the sections utilized by the solar system. Phillips added "we are providing the property ownership with a huge incentive; a brand new roof to coincided with 25 years of electricity at a significant discount to current utility rates."
Anova Energy Solutions was responsible for the development, structuring and financing of the project. Gary Rafaloff, a Managing Partner at Anova, stated "Right now, the most difficult aspect of developing and completing a Solar PV project is the property owner's access to capital. Our relationships with lenders and private equity investors, along with customized, unique project structuring, has allowed us to continue to obtain financing for projects of all sizes." Rafaloff added that "Anova is currently consulting on Solar PV installations ranging from 50kW to 2.4MW."
The design and installation of the systems, scheduled to begin in September, will be done by Trinity Solar, a Freehold NJ based integrator of solar electric systems. When completed, the solar arrays will contain approximately 220 crystalline panels. Anova estimates that the combined systems will avoid the emission of over 90,000 tons of carbon dioxide (CO2) annually. This would be the equivalent of preserving approximately 225 acres of pine forest over the life of the system.