The power purchase agreement provides the long term customer commitment necessary to finance construction and operation of new, local solar generation, and will provide Eastman power for the next twenty years.
Developed by Community Energy, the new 5MW solar power plant on the Eastern Shore is expected to begin operation in 2016.
"Eastman is pleased to support the construction of a new solar facility in Maryland," said Ray Ratheal, Director, Global Procurement. "This is a great example of how Eastman approaches sustainability by finding ways to improve long-term environmental performance cost-effectively."
The twenty-year term of the contract allows the solar project to secure long-term financing and reduce the cost of power to Eastman. "This long-term power purchase agreement converts the company’s power consumption at its locations near the solar facility from a short-term expense to a long-term commitment that enables new, clean, renewable power," said Community Energy’s Vice President, Jay Carlis. "That commitment delivers economic benefits to Eastman, helps us build new, clean, renewable power and provides environmental benefits for everyone," he concluded. Community Energy has a portfolio of solar development projects in Maryland and nationally that it markets to retail energy customers and utilities.
Under this agreement, Community Energy will sell the Solar Renewable Energy Certificates into the Maryland compliance market which means that the environmental benefits of solar power benefit everyone in the Maryland electric grid.
