February 24, 2011 – Tioga Energy and the Morris County Improvement Authority (MCIA) of New Jersey have announced the completion of 19 solar energy installations located on 16 schools and government facilities throughout the county.
The projects, which total 3.1 MW, are the first to be financed through the public-private collaboration known as the Morris Model. In January 2010, MCIA issued $22.3 million in low-interest government bonds to finance the projects. The 16 sites participating in the project include buildings used by the Morris County government and Parks Commission, as well as public schools across five area districts. Construction on the project’s first installation at the William G. Mennen Sports Arena began in June 2010.
Tioga owns, operates and maintains the solar installations and sells the electricity produced by the systems to the county’s schools and local government agencies at a fixed rate for the duration of a 15-year power purchase agreement. New Jersey-based SunDurance Energy provided all of the design and installation services.
In addition to the low-cost bond financing, Tioga Energy utilized New Jersey state incentives available through the sale of solar renewable energy certificates, as well as federal income-tax incentives not available to the county as a public entity, offsetting significant portions of total project costs, the company says.
