EnSync Energy Announces Sale of Debut Solar PPA Project in California to Standard Solar
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EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems ("EnSync Energy"), the leading provider of innovative distributed energy resources (DERs) and business models for residential, commercial and utility installations, announced the sale of a project under a 20-year power purchase agreement (PPA) with the California Department of Forestry and Fire Protection (CAL FIRE) to Standard Solar, a leading solar energy company specializing in the development and financing of solar electric systems nationwide. The project marks EnSync Energy's entry into the California marketplace.
EnSync Energy is building a 600-kilowatt solar installation at the CAL FIRE training facility in Ione, California, under the agreement. The installation will consist of a solar system on the classroom roof and solar canopy built over the parking lot of the new dormitory in the training facility. The canopy will keep parked cars cool and reduce the heat island effect while generating clean energy for the facility, which achieves Governor Brown's 2012 executive order (B-18-12) mandating green building practices at State buildings.
"The CAL FIRE solar PPA marks an important milestone for EnSync Energy as our first large project sale in the state," said Brad Hansen, the company's chief executive officer and president. "We are proud to build on our record of deploying holistic DER and financing solutions in this key market, while also supporting an agency that fights wildfires in California."
"As a company dedicated to removing financing barriers for commercial solar projects, we appreciate the opportunity to provide the financing to help support CAL FIRE's mission to protect the public safety of Californians," said Standard Solar president and CEO Scott Wiater. "Costs often remain a barrier to adopting solar, and this PPA offers a win-win solution that facilitates deployment of renewable energy."
Construction of the installation is expected to be completed in 2018.