Construction is well under way on a 31 site, approximately 3.1 MW solar project for the Douglas County School District (“DCSD”) in Douglas County, Colorado.
Working with REgeneration Finance, DCSD’s solar project will cut the school district’s energy costs, reduce its carbon footprint and educate the student body.
More than 17,000 photovoltaic panels are in the process of being fitted to 31 DCSD sites across the county in a bid to cut carbon emissions and save cash. The sites receiving photovoltaic modules include 30 elementary, middle and high schools as well as one athletic stadium, all located in Highlands Ranch, Littleton, Lone Tree or Parker, Colorado.
Initial costs for the solar systems are approximately $18,000,000, however, the project is costing the school district nothing upfront – the entire project is being funded and financed by REgeneration Finance, a solar power provider. Under their Power Purchase Agreement (“PPA”), REgeneration Finance pays for the complete cost to develop, build, operate and maintain the project while DCSD purchases the emissions-free power from REgeneration Finance at a reduced rate. The low cost energy that REgeneration Finance will provide to the school district is estimated to save DCSD $5,500,000 over the next 25 years.
This solar construction project has moved at a remarkably fast pace. DCSD awarded the project to REgeneration Finance following a competitive RFP process in July, and DCSD and REgeneration Finance executed the PPA in the following month. Over the next three months, REgeneration Finance and its local partners obtained all the necessary permits and approvals, positioned the appropriate financing, and, in mid-November, received approval from DCSD project managers to begin construction. With all of the solar modules, inverters and mounting equipment currently on-site, the project expects to continue to move swiftly and is projected to be completed on schedule.
REgeneration Finance draws on its more than 25 years of project finance experience and expertise in tax advantaged transactions to effectively and efficiently implement solar projects around the country.
“We are focused on finding solutions that will save Colorado schools money while bringing new technology to the education system in this progressive state,” said Laurance Friedman, REgeneration Finance’s CEO.
By continuing to work with school systems and other local communities, REgeneration Finance intends to do all it can to help achieve Colorado’s goal of increasing solar power in the state. DCSD’s foresight, quick action and selection of the right partners enabled the solar project to move rapidly from RFP to design to construction. Soon, DCSD will have a solar solution that educates, saves money and helped create local “green collar” jobs.
Premier Power Renewable Energy, Inc., in conjunction with Power Partners MasTec, LLC, is the solar design-build contractor responsible for the construction of the DCSD project.