Photon Finance wins US naval solar power contract
Photon Finance LLC has been selected as one of three companies to develop distributed solar power systems on more than 11 naval facilities in Hawaii. The $500 million multiple award contract was competitively procured; 13 bids were received in response to a Naval Facilities Engineering Command Pacific request for proposal. Projects are expected to be issued within the next 12 months and completed by August 2016.
Under the award contract, Photon Finance will compete with Island Pacific Energy LLC and Pacific Energy Solutions LLC for task orders to design, construct, own, operate and maintain solar power systems on Navy rooftops, parking structures and vacant parcels of land. The Navy will purchase the solar generated electricity under 20-year power agreements. These projects are part of the Navy's goal to achieve 50 percent total energy consumption from alternative sources by 2020.
"Photon is pleased to have been recognized by the Navy as having the proven expertise to develop third-party financed solar projects," said Reid Rutherford, chief executive officer for Photon Finance. "Solar is becoming more competitive yearly. Our innovative solar finance structures offer the Navy an excellent way to save money while reducing reliance on international energy sources."
Facilities that will receive solar arrays include: Joint Base Pearl Harbor-Hickam, Marine Corps Base Hawaii, Schofield Barracks and Wheeler Army Airfield.
Source: Photon Finance
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