Kendall Sustainable Infrastructure with Monarch Private Capital, Advanced Solar Products, Independence Solar and Arcadia Begin Operation of New Jersey Community Solar Sites Serving Over 650 Households
Cambridge, MA – Kendall Sustainable Infrastructure (“KSI”) has begun operation of four new community solar projects totaling 4.4 MW and serving 686 households in and near Pennsauken and Moorestown, NJ. Partners on the projects include the tax equity finance firm Monarch Private Capital, New Jersey-based construction contractor Advanced Solar Products (“ASP”), New Jersey-based developer Independence Solar and climate technology company Arcadia.
The economic benefit of the power is going to local households in or near Pennsauken and Moorestown. More than half of those benefiting from the energy savings are low and moderate income electricity customers. The projects are participating in the Pilot New Jersey Community Solar Program run by the New Jersey Clean Energy Program (“NJCEP”).
“Our projects create clean energy and important savings to Pennsauken and Moorestown residents. They are a win for everyone involved,” said KSI co-founder Ken Lehman. “We have been developing and financing projects like these for over a decade, and it has been a joy to work with outstanding partners like Independence Solar, ASP and Monarch on these high impact projects,” added KSI co-founder John Chaimanis.
Monarch Private Capital provided financing to the projects.
“Tax equity continues to be a vital source of funding for renewable energy facilities, and is particularly indispensable for community solar projects like these. Monarch is pleased to partner with KSI on this meaningful investment that directly benefits the communities of Pennsauken and Moorestown. We look forward to additional collaborations that contribute to not only the affordability of local energy, but also impactful job growth in the technology sector.”Bryan Didier, Partner & Managing Director of Renewable Energy at Monarch.
Lyle Rawlings of ASP, a leader in New Jersey’s solar industry, remarked, “We are proud to have built these projects, along with our partners Gen Renew and Lighton Industries. These community solar projects are meant to bring welcome electric bill relief to local low-income residents and combat global warming. But they also bring high-quality jobs, cleaner air, private investment, and federal funds. If New Jersey continues to build community solar projects at the current rate and continues to increase the focus on low-income households, the program could serve more than half the LMI households in the state by 2035.”
Keith Peltzman of the New Jersey-based developer Independence Solar agreed, “Independence Solar has a tremendous appreciation for the vision of Lyons & Sons, KSI and the townships of Pennsauken and Moorestown to embrace this new structure for solar. The Pilot New Jersey Community Solar Program has been an overwhelming success – for the environment, for local jobs, but most importantly for these households who will save significantly on their electric bills. The demand for community solar in New Jersey speaks for itself as only 20% of the applied capacity in year 2 of the pilot program was accepted in a highly competitive solicitation. Leveraging our expertise gained from this pilot program, Independence Solar hopes to continue to originate successful community solar projects in New Jersey.”
All four projects are located on the roofs of warehouses owned by Lyons & Sons, which stores cocoa beans and other cocoa-based products. “These projects help us further our goals of creating positive impacts in the communities where we work every day. We are pleased to be part of their success,” said Ron Oskiera, CEO of Lyons & Sons.
Other important partners include Arcadia, which will manage the nearly 700 households that benefit from the projects and local utility PSE&G. “Bringing these projects online has been a highly collaborative effort,” said Ken Lehman. “We look forward to more successful partnerships like these that benefit communities in New Jersey and other states.”
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