Australia-based CBD Energy has secured the rights to develop 1.25 MW of rooftop solar installations at 22 schools located throughout the United Kingdom. The systems are designed to generate an annual output of about 1.09 GWh, representing expected revenues of $7.8 million over the lifetime of the installations.
The schools will consume all of the solar power generated, reducing their electricity bills by as much as 20 percent. With the money saved, each school will have spare funds available to invest in educational programs.
The installations are supported by a 25-year power purchase agreement (PPA) with the schools, and will be managed by Secured Energy Bonds (SEB), CBD’s wholly-owned UK subsidiary.
SEB raised more than $12 million through an over-subscribed retail ‘mini-bond’ that closed in December 2013; a portion of which is allocated to this project. In line with CBD’s corporate model, SEB will construct, own and operate these installations for their expected lifetime.