NuGen Capital Management, KDC Solar JV team up on solar plants development

(ADPnews) - Dec 31, 2010 - US solar energy investor NuGen Capital Management LLC and solar power firm KDC Solar LLC on Wednesday said they have set up a joint venture (JV) for the development of commercial-scale solar plants in New Jersey.

The JV will build, own and operate behind-the meter photovoltaic (PV) projects with installed capacity ranging between 1 MW and 10 MW, the JV partners said in a joint statement on Wednesday.

The first plant in the pipeline is a 5 MW rooftop solar system to be set up in Carteret at the distribution warehouse of food distributor White Rose Inc. The building is owned by real estate investor KTR Capital Partners. The JV has contracted solar developer Solar Power Inc (OTC:SOPW) to install the system.

Solar Power Inc's executive vice president of strategic sales Bradley Ferrel said that the system would produce enough energy to offset 4,176 tonnes of carbon emissions per year. According to John Annetta, senior vice president of operations at White Rose Inc, the plant would replace 6 million kWh per year of grid based energy.

KDC Solar LLC is a unit of power producer Kamine Development Corp.

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