Key Equipment Finance Provides Financing for Clarkson Solar Project

Key Equipment Finance and Community Energy, a renewable energy development and marketing company, announced the completion of a $5.2 million solar installation project for Clarkson University in Potsdam, NY.

Through a 25-year power purchase agreement (PPA) with Clarkson Solar, Clarkson University will use a portion of the energy to supply research equipment, while the remainder will be delivered to the National Grid and credited to the university’s account as part of a remote net metering program by New York State.

“This is a cutting-edge, public-private project enabled by our strong partnership with Clarkson University and Key Equipment Finance,” said R. Brent Alderfer, CEO and founder of Community Energy. “By working together, we are enabling the university to invest in a sustainable energy future through solar power.”

Owned and operated by Community Energy and financed by Key Equipment Finance, the project enables the research university to power its campus with solar energy while creating a living laboratory for students to study solar power. Support for this project came from Governor Cuomo’s NY-Sun initiative, which is administered by the New York State Energy Research and Development Authority. NY-Sun is a $1 billion initiative to advance the scale-up of solar and move the state closer to having a sustainable, self-sufficient solar industry.

“Clarkson University incorporates green practices into almost every aspect of campus life,” said James D. Fish, Clarkson University’s CFO, “and this solar project helps further our mission to also teach the next generation of leaders about meeting the energy needs of the present without compromising the ability of future generations to do the same.”

“Both Clarkson University and Community Energy are examples of forward-thinking partners who are committed to renewable energy,” said Doug Beebe, vice president, energy finance, for Key Equipment Finance. “Green energy financing can help more universities realize the many benefits of solar installations.”

The installation of 7,700 Yingli solar panels by contractor Namasté Solar is located on 12 acres of university-owned land adjacent to the Potsdam airport. The solar array will generate 2.8 million kilowatt hours of clean, renewable electricity annually, or enough to power about 300 homes.

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