Cambridge, MA – Kendall Sustainable Infrastructure (“KSI”) has begun operation of four new community solar projects totaling 4.4 MW and serving 686 households in and near Pennsauken and Moorestown, NJ. Partners on the projects include the tax equity finance firm Monarch Private Capital, New Jersey-based construction contractor Advanced Solar Products (“ASP”), New Jersey-based developer Independence Solar and climate technology company Arcadia.
The economic benefit of the power is going to local households in or near Pennsauken and Moorestown. More than half of those benefiting from the energy savings are low and moderate income electricity customers. The projects are participating in the Pilot New Jersey Community Solar Program run by the New Jersey Clean Energy Program (“NJCEP”).
“Our projects create clean energy and important savings to Pennsauken and Moorestown residents. They are a win for everyone involved,” said KSI co-founder Ken Lehman. “We have been developing and financing projects like these for over a decade, and it has been a joy to work with outstanding partners like Independence Solar, ASP and Monarch on these high impact projects,” added KSI co-founder John Chaimanis.
Monarch Private Capital provided financing to the projects. “Tax equity continues to be a vital source of funding for renewable energy facilities, and is particularly indispensable for community solar projects like these. Monarch is pleased to partner with KSI on this meaningful investment that directly benefits the communities of Pennsauken and Moorestown. We look forward to additional collaborations that contribute to not only the affordability of local energy, but also impactful job growth in the technology sector,” said Bryan Didier, Partner & Managing Director of Renewable Energy at Monarch Private Capital.
Lyle Rawlings of ASP, a leader in New Jersey’s solar industry, remarked, “We are proud to have built these projects, along with our partners Gen Renew and Lighton Industries. These community solar projects are meant to bring welcome electric bill relief to local low-income residents and combat global warming. But they also bring high-quality jobs, cleaner air, private investment, and federal funds. If New Jersey continues to build community solar projects at the current rate and continues to increase the focus on low-income households, the program could serve more than half the LMI households in the state by 2035.”
Keith Peltzman of the New Jersey-based developer Independence Solar agreed, “Independence Solar has a tremendous appreciation for the vision of Lyons & Sons, KSI and the townships of Pennsauken and Moorestown to embrace this new structure for solar. The Pilot New Jersey Community Solar Program has been an overwhelming success – for the environment, for local jobs, but most importantly for these households who will save significantly on their electric bills. The demand for community solar in New Jersey speaks for itself as only 20% of the applied capacity in year 2 of the pilot program was accepted in a highly competitive solicitation. Leveraging our expertise gained from this pilot program, Independence Solar hopes to continue to originate successful community solar projects in New Jersey.”
All four projects are located on the roofs of warehouses owned by Lyons & Sons, which stores cocoa beans and other cocoa-based products. “These projects help us further our goals of creating positive impacts in the communities where we work every day. We are pleased to be part of their success,” said Ron Oskiera, CEO of Lyons & Sons.
Other important partners include Arcadia, which will manage the nearly 700 households that benefit from the projects and local utility PSE&G. “Bringing these projects online has been a highly collaborative effort,” said Ken Lehman. “We look forward to more successful partnerships like these that benefit communities in New Jersey and other states.”
About Kendall Sustainable Infrastructure
Kendall Sustainable Infrastructure, LLC (“KSI”) is dedicated to building and owning sustainable, long-lived assets, including solar, water, and other infrastructure projects. We believe that changing the way people get electricity and manage water can be done more resiliently and cleanly. Doing this improves the quality of life for all of us. We believe that by empowering local companies through the provision of finance and a problem solving mindset that we can deliver these very heavily demanded solutions. The local companies that we empower will grow, their communities will grow stronger, and we can produce attractive returns to our investors. As of today, the company has completed over 80 distributed infrastructure transactions. KSI provides capital to local developers and EPC contractors during development and at project takeout with the ultimate goal of ownership. Investments range from $500k to $20M per project. For more information about collaborating on projects or our investment program, please visit https://www.kendallsustainableinfrastructure.com.
About Monarch Private Capital
Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States. For more information, visit: https://www.monarchprivate.com/.
About Advanced Solar Products
Advanced Solar Products, Inc. (ASP) is a leading company in the field of solar energy and related sustainable technologies. We have the experience, capability, and financial viability necessary to successfully implement affordable photovoltaic systems. ASP has been in business since 1991, which makes us one of the oldest and most well-established solar installers in the Northeast. ASP provides turnkey service, including evaluation, design, permitting, procurement, installation, commissioning, and operations and maintenance. We take a creative approach to designing photovoltaic systems to make them competitively priced, high-performing, and attractive. ASP has been involved in the installation of over 270 PV systems totaling over 80 megawatts for a wide variety of clients throughout the Mid-Atlantic and New England, including one of the largest, privately-owned, net metered solar systems in the Western Hemisphere. Our mission is to promote renewable solar energy in the state of New Jersey and the surrounding region. Our principals are dedicated to promoting legislation that encourages the use of solar and makes it a more cost effective option for a larger population.
https://www.advancedsolarproducts.com/
About Independence Solar
Independence Solar, LLC is a turnkey developer and installer of commercial solar energy. Since 2007, our team has developed and constructed almost 100 solar projects totaling 75 MW, including one of the largest rooftop solar arrays (10.1 MW) in the Northeastern U.S. at the Gloucester Marine Terminal in New Jersey. Recognizing the complexities of energy management and the challenges of evaluating renewable generation, Independence Solar thoughtfully guides our customers through all stages and aspects of the solar development process – from feasibility analysis and capital sourcing to design-build construction and ongoing operations. With offices throughout the Northeast, we pride ourselves on serving as a long-term partner, helping companies evaluate and make solar energy investments with confidence.
https://independencesolar.com/
About Arcadia
Arcadia is a climate technology company connecting the clean energy future. Founded in 2014 on the belief that everyone deserves access to clean energy, Arcadia manages the nation’s largest community solar portfolio, helping to tackle energy injustice while spurring economic growth with more than 1.8 GW of solar under management.
https://www.arcadia.com/community-solar
Contact Information:
www.kendallsustainableinfrastructure.com
KSI@kendallsustainableinfrastructure.com
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