KDC Solar will team with SunDurance Energy and the County of Middlesex, NJ, to develop a solar installation in New Jersey. Middlesex County will increase to $1.15 million annually, for a 15-year contract, its contribution to the project once operations. KDC Solar is supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund.
BEDMINSTER, N.J., Oct. 6, 2011 — KDC Solar LLC, through a subsidiary (“KDC Solar”), has teamed up with SunDurance Energy, LLC (“SunDurance”) and the County of Middlesex, New Jersey to design, install, own and operate a 6.7 MW ground mounted solar installation at the Middlesex Apple Orchard Complex in North Brunswick Township, New Jersey. As presently designed, the solar facility will generate approximately 8,450,000 kilowatt hours of solar electricity per year and supply 100% of the electric power needs for site facilities.
Once operational, savings from the project for Middlesex County will escalate from $725 thousand to $1.15 million annually over the 15 year term of the power purchase agreement. Subject to obtaining the necessary permits, construction is scheduled to start early next year, with the objective that the project should be fully operational in the third or fourth quarter of 2012.
KDC Solar executed an engineering, procurement and construction contract with SunDurance, a nationwide solar energy company that develops, designs, builds and operates megawatt-scale solar power solutions, to construct the project. KDC Solar has also contracted with Solar Power Inc. (“SPI”) to provide certain construction management services and financing and to supply approximately 26,000 high efficiency panels produced by LDK Solar Ltd.
“We are excited about the opportunity to provide the County of Middlesex and the citizens of Middlesex with clean, low cost, long-term solar energy,” said Hal Kamine, KDC Solar’s CEO. “This solar facility follows Middlesex County’s commitment to clean energy in which it has been a leader and is likewise consistent with KDC Solar’s commitment to ‘behind-the-meter’ solar electric systems for business/government and institutions in New Jersey.”
“We’re very pleased to be involved in this leadership project with Middlesex County,” said Al Bucknam, CEO of SunDurance. “Our in-house engineering team achieved the County’s goal to cover 100% of their electric load; it’s a great feeling to see what can be accomplished by a creative team focused on delivering exactly what the customer wants.”
“This project exemplifies the importance of our alliance with KDC Solar as we jointly continue to deliver state-of-the-art solar energy facilities which help business, governments and institutions reduce their energy costs,” said Steve Kircher, CEO of SPI Solar. “We look forward to working with KDC Solar on this important project.”
About KDC Solar LLC
KDC Solar is the successor company to Kamine Development Corp (“KDC”) which was established in 1985 to develop, construct, own, and operate co-generation natural gas fired power plants. 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 has more than 50 MWs of “behind the meter” solar projects at businesses and institutions in various stages of construction throughout New Jersey and expects to have more 10 MWs in operation by January 2012. KDC Solar supplies commercial, institutions and governments with significantly lower long-term electric costs through solar power. For more information, visit www.kdcsolar.com.