Bloomberg LP, Integrys Energy Services, Inc., and SunPower Corp. (NASDAQ: SPWRA, SPWRB) announced that a 1.8-megawatt solar power system will be constructed at Bloomberg's Skillman, N.J. facility. The eight-acre, ground-mounted solar tracking system will be completed by the end of the year and is expected to generate the equivalent amount of power to meet 58 percent of the facility's electricity demand.
Supporting the development of renewable energy is a critical part of Bloomberg's environmental impact reduction efforts, the company notes in its recently released sustainability report (www.bloomberg.com/bsustainable). This is the first renewable energy project undertaken by Bloomberg, which plans to develop nearly 6.0-megawatts of solar power in NJ within the next three years.
"Renewable energy development is a core component of Bloomberg's overall commitment to environmental sustainability. This solar installation is a significant project that diversifies New Jersey's energy supply with reliable, clean and affordable power, contributing to both environmental and financial goals," said Curtis Ravenel, head of the Sustainability Group at Bloomberg. In the last three years, Bloomberg has initiated more than 300 internal environmental projects globally, resulting in over $25 million in net operating savings.
Bloomberg will buy the power generated from the system at prices below retail rates, providing a long-term hedge against rising power prices with no initial capital investment. The system will be owned by Solar Star NJ VI, LLC, a wholly-owned subsidiary of Integrys Energy Services, Inc. Solar Star will sell the solar renewable energy credits and environmental attributes associated with the system.
"Integrys is excited to partner with Bloomberg in its efforts to support renewable energy," said Joel Jansen, managing director of energy assets for Integrys Energy Services, Inc. "It helps us grow our distributed solar photovoltaic portfolio and helps Bloomberg deliver on its commitment toward achieving its energy and environmental goals."
The system will use high-efficiency SunPower solar panels, the most efficient solar panels available on the market today, with the SunPower™ T0 Tracker system. The Tracker follows the sun's movement during the day, increasing sunlight capture by up to 25 percent over conventional fixed-tilt systems, while significantly reducing land use requirements.
"The T0 Tracker will deliver more solar energy per square meter and greater energy savings than conventional systems, reliably maximizing the clean, renewable solar power generated for decades," said Tom Leyden, managing director at SunPower. "We applaud the serious commitment made by Bloomberg and Integrys to help New Jersey meet its renewable portfolio standard targets."