(Greenwich, CT) – Altus Power and international conglomerate Sika Corporation are pleased to announce the completion of a solar system on the roof of Sika Corporation’s site in Lyndhurst, NJ. Beginning today, the 345 kW solar system will produce clean, renewable energy, which will help Sika offset a large portion of its electricity usage and reduce its carbon footprint over the term of the 25 year Power Purchase Agreement (PPA).
Altus Power financed, owns and operates the system. The solar array was installed by American Solar & Alternative Power (ASAP), one of the region’s most experienced solar integrators. The 1500 panel system generates approximately 395,000 kilowatt hours of electricity per year, saving CO2 emissions equivalent of 33,000 gallons of gasoline per year.
New Jersey continues to be a desirable state for solar PPAs as a result of its Solar Renewable Energy Certificate (SREC) program. 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 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
Established in 1937, Sika Corporation, based in Lyndhurst, NJ, is a leading supplier of specialty chemical products and industrial materials serving construction and industrial markets including transportation, marine, and automotive. It is also the largest company in the Sika Group with more than 900 people in seven manufacturing, two R&D facilities, and sales and marketing offices throughout the country.