Standard Solar, a solar energy company specializing in the development and financing of solar electric systems nationwide, announced it will finance a 9.8-MW solar project to provide power to the city of Gallup, New Mexico. The single-axis tracker array is expected to generate more than 20 million kilowatt-hours of power annually providing nearly 10% of the city’s energy use.
Mangan Renewables, which provides renewable energy solutions for customers nationwide developed the project in partnership with Wiser Capital and their proprietary underwriting platform. Standard Solar will own and operate the array. Construction is in progress and is expected to be completed and in operation in Q1.
“Gallup is the ideal site for solar generation, so connecting Mangan and Wiser’s underwriting to make sure this project got financed was a priority for us,” said Scott Wiater, president and CEO of Standard Solar. “This project gave us the opportunity to leverage every aspect of our expertise, from financing to engineering to construction. It’s these kinds of ‘let’s work together and get it done’ projects that our entire team enjoys.”
The city of Gallup is the third largest municipally owned utility in New Mexico in terms of energy sales and second in terms of total electric customers, providing electric services for approximately 11,000 accounts in the greater Gallup area. With nearly 280 sunny days on average each year, Gallup is ideally suited to take advantage of solar-energy resources. The 28,896 solar module single-axis tracker system is designed to maximize production yield for the system.
The solar farm is being constructed on approximately 31 acres of city-owned land south of Interstate Highway 40, between Allison Road and Muñoz Overpass, and is being financed through a solar power purchase agreement (PPA).
Standard Solar provides in-house financing and is a ready source of funding for solar PV projects nationally.
News item from Standard Solar
Can anyone post the numbers of how much this system actually cost in dollars, what revenue it will generate, what are the expected maintenance costs and how long of warranty it has? Any real data on this system would be appreciated.