EnSync Energy Announces Sale of Solar PPA for Oceanic Institute
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EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, which is creating the future of electricity with innovative residential and commercial distributed energy resource (DER) systems and Internet of Energy (IOE) control platforms, announced the sale of a 20-year power purchase agreement (PPA) with Hawai'i Pacific University (HPU) to build a solar energy system for its affiliate not-for-profit, the Oceanic Institute, in Oahu.
The agreement will finance a 211-kilowatt (kW) photovoltaic (PV) system on four buildings. With construction underway, the company expects operations to begin early next year.
The Oceanic Institute is an applied aquaculture research facility that supports the development of more efficient and productive farming methods in controlled underwater habitats. The Institute was in search of low-cost, reliable electricity to meet its mission-critical energy needs for functions such as constant water pumping.
HPU and EnSync Energy's other collaboration — a 660-kW PV system on the rooftop of the historic Aloha Tower Marketplace — is the largest solar development in downtown Honolulu. The first phase of that project is operational and supplying energy to the mixed-use university space, while the second phase is under construction.
EnSync Energy has contracted 27 commercial projects in Hawaii, which will account for more than $42.8 million in electricity sales over the terms of the agreements.