Encore Renewable Energy announced the commissioning of a 198-kW solar array on the roof of the UVM Medical Center on Holly Court in Williston, Vermont. The project began generating solar electricity in December 2018. UVM Medical Center will receive net metering credits at a discount, along with a steady stream of lease revenue from an otherwise unused rooftop. Together, these will result in approximately $124,000 of total value to UVM Medical Center over the 25-year life of the system.
“The UVM Medical Center is pleased to have worked with Encore Renewable Energy and Sunwealth on this very successful project, the third of its kind for our organization,” said Peter C. Bero, senior project manager at UVM Medical Center. “We value their expertise in making these important renewable energy initiatives come to life.”
Acting as developer and as the engineering, procurement and construction contractor, Encore was responsible for all development, design, permitting and construction for the project, as well as for arranging the permanent financing. Sunwealth, one of Encore’s strategic financing partners, financed the project and will own and operate it for the life of the system.
“Sunwealth’s investors are individuals, foundations and corporations who want to put their money to work in regional solar installations creating clean energy, jobs and revenues for local solar developers and energy savings for power purchasers — while delivering long-term, fixed-rate returns as the panels generate power,” said Jon Abe, CEO of Sunwealth, “The UVM Medical Center project checks all the boxes: it’s a win for the medical center, the community and our investors.”
“Encore is delighted to have worked with UVM Medical Center and Sunwealth on this exciting project”, said Chad Farrell, Encore’s founder and CEO. “This is a great example of the type of projects Encore is most focused on developing, as it took an otherwise unusable piece of property and put it to work in a way that advances the climate economy and reduces the electric bills of an important organization in the community. We are very pleased to have had the opportunity to work on this system with a forward-thinking leader in the medical industry such as UVM Medical Center, and a leading impact-focused solar investor such as Sunwealth.”
News item from Encore Renewable Energy
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