The construction and term financing for the project is provided in part through a $5m, 10-year loan with New Jersey Economic Development Authority.
The project will include rooftop and parking lot solar installations and is expected to go on-line during the summer of 2010. Nautilus Solar will own and operate the solar facility under a 15-year Power Purchase Agreement, through which WPU will purchase a renewable energy source at a reduced rate without any upfront costs.
The solar power system is expected to reduce WPU’s energy costs by $4.3m over the 15-year term and will be constructed by SunDurance Energy, a New Jersey-based solar system installer.
James Rice, CEO of Nautilus Solar, said: “Nautilus Solar will continue working closely with local communities to create green jobs in New Jersey and reduce energy costs for our host customers, such as WPU.”
Headquartered in Summit, New Jersey, Nautilus Solar develops, constructs, finances, owns and operates distributed generation and utility-scale solar electric systems.
