Altus Power America, Inc. (“Altus Power”) has commenced construction of a 6.2 MW ground-mounted solar energy project in Waianae, Hawaii on the West Coast of Oahu. Altus Power partnered with developer Environmental Chemical Corporation (“ECC”) to finalize the project with REC Solar Commercial Corporation (“REC”) serving as the engineering, procurement, and construction contractor.
The project is expected to be online in the first quarter of 2017 and will generate over 10,000 megawatt hours of electricity during the first year of operation. The output from the project will be purchased by Hawaiian Electric Company (“HECO”), pursuant to a Public Utilities Commission (“PUC”)-approved Feed-In Tariff Power Purchase Agreement (the “PPA”). The 20-year PPA will further reduce the State’s carbon footprint and contribute to Hawaii’s goal of generating 100% of its electricity from renewable resources by 2045. The renewable energy market in Hawaii continues to grow as a result of PPA’s supported by State leadership.
The project will be Altus Power’s first investment in Hawaii. “Altus Power America is excited to make its first solar investment in Hawaii. We look forward to working with ECC, HECO, and new local partners, to grow and deploy more capital for renewable energy in this great State,” said Tom Athan, President of Altus Power. ECC Chairman Paul Sabharwal added, “After five years of investment in the development milestones we are elated to have found a partner in Altus, whom has demonstrated the vision and wherewithal to help make renewable energy a reality for the people of Hawaii.”
About Environmental Chemical Corporation
Established in 1985, ECC is an employee-owned company that provides a complete range of services to support its clients’ missions, including renewable energy, energy efficiency, environmental remediation, design-build, construction, munitions response, and international development. ECC serves the U.S. Departments of Defense, Energy, and State, as well as the U.S. Agency for International Development, and other international agencies. For more information, please visit www.ecc.net.
About Altus Power America, Inc.
Altus Power America, Inc. is a Greenwich, CT-based company that invests in, owns and manages clean energy projects that provide savings to utilities as well as commercial and public sector clients. Altus Power is backed by capital from GSO/Blackstone, the Alternative Energy Investing group at Goldman Sachs and Global Atlantic Financial Group. For more information, please visit www.altuspower.com.
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