The State of California prison and hospital systems will use a privately financed fund to build 13.4 MW of solar projects. Solar manufacturer and service company SunEdison, Nationwide Mutual Insurance Company, National Bank of Arizona (NBAZ) and Sol Systems have created the $50 million fund.
Sol Systems advised Nationwide Mutual Insurance on the acquisition of the equity. SunEdison secured long-term debt for the projects from NBAZ.
The California Department of Corrections and Rehabilitation’s (CDCR) said the projects allow it to diversify its energy use, provide cleaner power source and at a lower cost. It already has 37 MW of solar energy installed at its prisons and by the end of 2014 that total will exceed 41 MW. About 15 percent of its total energy consumed will be delivered by solar power at a combined savings over a 20-year period of $84 million, the state says.
Once construction of the facilities is complete, SunEdison will manage the plants via its 24/7 Renewable Operations Center (ROC). The ROC is one of the world’s largest solar asset management centers, monitoring over 1.9 GW of solar facilities across the globe, according to the company.