(Greenwich, CT) – Altus Power Management announced the initial construction phase of a solar installation at Sika Corporation’s site in Lyndhurst, NJ. Sika signed a long-term solar Power Purchase Agreement (PPA) with Altus Power earlier this year. The 25-year PPA will help Sika offset a large portion of its electricity usage and achieve significant savings on its electricity bills.
Altus Power will finance, own and operate the New Jersey-based system, taking advantage of the state’s Solar Renewable Energy Certificate (SREC) program which continues to make solar PPAs attractive. The system, which will generate approximately 395,000 kilowatt hours of electricity annually, will be installed by American Solar & Alternative Power (ASAP), one of the region’s most experienced solar integrators.
This deal adds the fourth New Jersey project to Altus Power’s rapidly growing solar portfolio. Tom Athan, Managing Partner of Altus Power Management, said, “I am pleased that Altus is continuing to grow its Northeast portfolio with important counterparties like Sika who have the foresight to plan for a clean-energy future.”
About Altus Power Management
Altus Power Management, LLC is an Old Greenwich, CT-based company that invests in, owns and manages clean energy projects. Its principals draw on their deep expertise in finance, construction, engineering and design to provide renewable energy and solar solutions to commercial and public sector clients. Visit www.altuspower.com for more information.
About Sika Corporation
Sika Corporation is the U.S. subsidiary of Sika AG, whose global headquarters is located in Baar, Switzerland. Sika is a leading supplier of specialty chemical products and industrial materials serving construction and industrial markets including transportation, marine, and automotive. Sika’s product range features high-quality concrete admixtures, specialty mortars, sealants and adhesives, damping and reinforcing materials, structural strengthening systems, industrial flooring as well as roofing and waterproofing systems. Sika Corporation is based in Lyndhurst, NJ.