KDC Solar, a developer, owner, and operator of solar power facilities, has started the construction of a 5.5MW solar power system located in the Bridgeton and Fairfield Townships, New Jersey.
Image: KDC Solar begins construction of 5.5MW solar project. Photo: Courtesy of RK008/FreeDigitalPhotos.net
The solar project will supply electricity to the adjacent Ardagh Group glass manufacturing facility, producing approximately 7.5 million kilowatt hours of renewable electricity in its first year.
Ardagh Group North American Glass division president and CEO Bertrand Paulet said: “Ardagh Group is delighted to collaborate with KDC Solar on this renewable project. Upon completion, our Bridgeton facility will benefit from cleaner, more cost-efficient energy, consistent with Ardagh Group’s objective of delivering fully recyclable, sustainable packaging solutions to our customers.”
KDC Solar President and CEO Alan Epstein said:”We are excited to support the Ardagh Group in its quest to obtain competitively priced clean electricity for its operations. We look forward to a long relationship with this global leader in packaging solutions.”
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity were arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
GoldenSet Capital managing partner Everett Smith said: “This represents our second project with KDC Solar in New Jersey. Alan and the KDC team are experienced developers and we look forward to further expanding our project portfolio with them.
“The KDC Solar team has a deep understanding of energy project development and finance making them an ideal partner for us” adds Rob Pryor, Principal, GoldenSet Capital.
Seminole Financial Services CEO Bob Banks said: “We’re delighted to have provided the financing for another large net metered solar project with KDC Solar and GoldenSet Capital.
“Repeat business is a tenet of our organizational philosophy and this execution proved to be extremely efficient. We look forward to many more successful projects together.”
Source: Company Press Release