Escondido, CA.—August 4, 2008—enXco, an EDF Energies Nouvelles Company, announced today that an Power Purchase Agreement (PPA) with Stevens Institute of Technology, and an EPC Agreement with RGD Energies, the financing arm of 3rd Rock Systems and Technologies of Burlingame, California, have been executed to construct a 487 kW (dc) solar photovoltaic system in Hoboken, New Jersey.
The project, developed by 3rd Rock Systems and Technologies, will consist of roof, carport and ground mounted fixed tilt solar arrays. enXco will own and operate the system as well as provide financing under a multi-year PPA with Stevens Institute of Technology on a net-metering basis. enXco anticipates construction to begin mid-August 2008 with operational capacity by the end of 2008.
Hanson Wood, associate developer of new business development for enXco says "We are very pleased to be providing a consistent and reliable source of solar PV electricity to the Steven's Institute of Technology who clearly recognize the opportunity to cost effectively reduce their carbon footprint."
This is enXco's third announcement to develop a solar PV project slated for construction in New Jersey in 2008. enXco continues to commit to opportunities for more projects this year. The project will qualify for New Jersey Renewable Energy Credits which are essential to the economics of the project.
enXco, Inc. (www.enxco.com) an EDF-EN Company (www.edf-energies.nouvelles.com) develops, constructs, operates and manages renewable energy projects throughout the United States. For more than two decades, we have been a leader in wind-energy focusing on large-scale wind projects. Today enXco's portfolio includes solar and biomass technologies, in an effort to help drive our nation's transition to a sustainable energy economy. enXco is a significant owner and developer of renewable energy installations in the United States, and is the largest third-party operations & maintenance provider for wind farms in North America.
3rd Rock Systems & Technologies is a leading developer of renewable energy projects and draws on its extensive experience to help clients of all sizes leverage the many available financial incentives for modern renewable energy systems to hedge against the rising and volatile costs associated with more traditional forms of energy. RGD Energies is a financing company that specializes in Power Purchase Agreements, and brings the Investment Community together with Project Developers. They provide their expertise to both Investors and Developers to finance, construct, monitor, maintain and operate renewable energy assets.
Founded in 1870, Stevens Institute of Technology is one of the leading technological universities in the world dedicated to learning and research. Through its broad-based curricula, nurturing of creative inventiveness, and cross disciplinary research, the Institute is at the forefront of global challenges in engineering, science, and technology management. Partnerships and collaboration between, and among, business, industry, government and other universities contribute to the enriched environment of the Institute. A new model for technology commercialization in academe, known as Technogenesis®, involves external partners in launching business enterprises to create broad opportunities and shared value. Stevens offers baccalaureates, master's and doctoral degrees in engineering, science, computer science and management, in addition to a baccalaureate degree in the humanities and liberal arts, and in business and technology. The university has a total enrollment of 2,040 undergraduate and 3,085 graduate students, and a worldwide online enrollment of 2,250, with a full-time tenured/tenure-track faculty of 140 and more than 200 full-time special faculty. Stevens' graduate programs have attracted international participation from China, India, Southeast Asia, Europe and Latin America. Additional information may be obtained from its web page at www.stevens.edu.