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New Jersey university to save millions with solar power plant

The 3.5MW solar array is expected to save William Paterson University $4.3 million over the next 15 years

William Paterson University is to receive a 3.5-megawatt solar power plant at its campus in Wayne, New Jersey.

The project will be among the largest solar installations for any university in the US.

Nautilus Solar Energy revealed yesterday that it has now completed a financing agreement for the first 3MW capacity of the project.

A 10-year loan of $5 million has been agreed with the New Jersey Economic Development Authority.

The Authority’s Chief Executive Officer, Caren Franzini, said: “We are pleased to provide funding to help Nautilus Solar move forward with this exciting project at William Paterson University.”

Project

The WPU solar project will take the form of a rooftop array and parking lot shade structures, and is expected to be online at some point this summer.

Nautilus Solar, which has its head office in Summit, New Jersey, will own and operate the facility, selling power to the University at a reduced rate under a 15-year power purchase agreement.

The University itself will have no upfront costs from the project.

Nautilus said the facility would cut the university’s energy costs by $4.3 million over the 15-year term of the deal.

The facility is being built by another New Jersey company, SunDurance Energy.

“It was a pleasure working on this meaningful transaction with EDA, which further accentuates New Jersey’s commitment to the future of clean energy. 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,” said Nautilus Solar CEO James M. Rice.