Presbyterian Senior Living unveiled its 1,230-kilowatt (kW) solar array at Glen Meadows Retirement Community in Glen Arm, Md. in a ribbon cutting ceremony with representatives from Washington Gas Energy Systems, Inc., ABM, Building Energy, Sol Systems, and Clark EcoEnergy. The ground-mounted solar array will be owned and operated by Washington Gas Energy Systems under a 20-year power purchase agreement.
Sol Systems acted as investment advisor to Washington Gas Energy Systems in the transaction. Sol Systems originated the project opportunity from Building Energy, an Italian-based independent power producer. Building Energy developed the project opportunity through a joint venture with ABM, which handled the engineering, procurement and construction.
“We are committed to streamlining the investment process for distributed generation solar projects such as the one at Presbyterian Senior Living,” said Yuri Horwitz, chief executive officer of Sol Systems. “The Sol Systems team is proud to work with a financing partner like Washington Gas Energy Systems to drive investment into the mid-sized commercial solar market at Glen Meadows Retirement Community and similar facilities across the country.”
The 1,230-kilowatt ground-mounted system is comprised of 4,180 solar panels. It is expected to generate approximately 1,680 megawatt (MW) hours of solar energy per year, reducing greenhouse gas emissions equivalent to taking 244 cars off the road each year.
The Presbyterian Senior Living project represents Sol Systems’ ongoing success in helping utilities invest in the solar asset class. To date, Sol Systems has facilitated financing for nearly 100 MW of solar energy assets across the United States, and the firm currently has executed term sheets in place for another 84.5 MW of solar deals through its tax structured investments, project purchases, and debt financing products. For more information on solar financing options, developers and investors should contact email@example.com.