Key Equipment Finance funds university solar power project

Key Equipment Finance has announced the completion of a $5.2 million solar installation project for Clarkson University together with Community Energy, which specialises in renewable energy development and marketing.

Owned and operated by Community Energy and financed by Key Equipment Finance, the project enables the research university, which is based in Potsdam NY, to power its campus with solar energy while creating a living laboratory for students to study solar power.

“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.”

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.

Through a 25-year Power Purchase Agreement (PPA) with Clarkson Solar LLC, 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.

“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.”