With backing from New York-based private equity firm Diamond Castle Holdings, NuGen Capital Management and KDC Solar have formed a joint venture to develop solar electricity generator systems in Carteret, New Jersey.
NuGen Capital Management, LLC (“NuGen”) and KDC Solar LLC (“KDC Solar”) announced today that they had formed a joint venture, supported by KDC Solar’s commitment from private equity firm Diamond Castle Holdings LLC, to develop, construct, own and operate commercial scale (1 to 10 megawatts) behind-the-meter photovoltaic (“PV”) solar electricity generating systems in New Jersey.
The joint venture’s first project will be installed at White Rose Inc.’s distribution warehouse in Carteret, New Jersey, a building owned by private equity firm KTR Capital Partners (“KTR”). The 5 megawatt system, to be installed by Solar Power, Inc., is expected to provide a significant portion of the electricity used by White Rose at this warehouse and is one of the largest rooftop commercial solar systems announced in New Jersey to date. Solar Power, Inc. brings significant PV solar engineering, design and construction experience to the project.
“NuGen and KTR have closely worked together to provide a cost-saving solution to its customer, create value for the landlord and improve the environment,” said David Milner, founder and CEO of NuGen. “In New Jersey, we are very pleased to form a joint venture with KDC Solar given its team of seasoned energy professionals. KDC Solar is extremely well respected and focused on one of the most exciting markets for solar systems in the U.S. The White Rose project is a significant accomplishment and a model that we expect to replicate elsewhere.”
KDC Solar’s CEO, Hal Kamine, said, “We are excited about the opportunity to team with NuGen and bring additional economic and environmental benefits to the New Jersey market. Policymakers in New Jersey should be applauded for creating an environment where market forces have been harnessed to bring about significant investment in behind-the-meter solar electric systems.”
“The food distribution business is very competitive, and the installation of this system will provide us significant economic benefits, helping us remain competitive and retain jobs in New Jersey,” said John Annetta, Senior Vice President – Operations at White Rose Inc., a division of AWI, located in Robesonia, PA. “We also feel we are doing our part to help the environment by replacing about 6 million kilowatt-hours per year of grid based energy with clean renewable energy generated on the roof of our warehouse.”
Solar Power Inc., has installed numerous systems on the West Coast, including the rooftop system at the Staples Center in Los Angeles. “We are delighted to bring the experience we have gained in the California market to New Jersey. The White Rose system will displace 4,716 metric tons of CO2 from the environment annually,” said Bradley Ferrell, Executive Vice President of Strategic Sales for Solar Power, Inc.
About NuGen Capital Management, LLC
NuGen Capital Management was founded in 2009 to develop, own and operate commercial scale solar systems. Working with large scale energy users and real estate owners, NuGen serves the long term energy and economic needs of its partners and clients. Based in Rhode Island, NuGen works in States where the renewable energy policies encourage job creation and energy sustainability through solar development.
About KDC Solar LLC
KDC Solar was initially founded as a subsidiary of Kamine Development Corp (“KDC”) which itself was established in 1985 to develop, construct, own, and operate co-generation natural gas fired power plants. KDC ultimately become one of the largest independently owned power producers in the New York/New Jersey area producing more than 600 MWs of electricity. KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC Solar is on track to becoming one of the largest owners and operators of solar power projects in New Jersey and the Mid-Atlantic states by supplying commercial and industrial companies with significantly lower long-term electric costs. For more information please visit www.kdcsolar.com.
About White Rose Food
White Rose Food is the largest independent wholesale food distributor in the New York City and New Jersey metropolitan areas, which in turn is the biggest consumer market in the United States. White Rose supplies three primary product lines (grocery, dairy and frozen) from its distribution centers located in Carteret and Avenel, NJ. White Rose Food employs approximately 1,200 people to serve more than 1,500 stores from New York, New Jersey, Maryland, New England and Pennsylvania. These stores represent supermarket chains, independent retailers and members of voluntary cooperatives. White Rose’s distribution centers currently stock more than 21,000 food and nonfood items consisting mostly of national brand products. In addition, the White Rose private label, which has been a fixture in New York homes for over a century, consists of more than 1,000 items.
About Solar Power, Inc.
Founded in 2005, Solar Power, Inc., is a vertically integrated solar developer; the company manages its value chain from material sourcing to manufacturing, through post-installation asset management of its systems, and manufactures is own line of world-class solar modules and balance-of-system products. The company designs, manufactures, and delivers world-class photovoltaic solar systems to its commercial business, government, and utility customers. For additional information, including a copy of our most recent investor presentation, please visit www.solarpowerinc.net.