December 11 (Renewables Now) - Private asset manager Capital Dynamics and solar investor Sol Systems will build and operate a 12.1-MW solar park for the University of Illinois that will treble the renewable energy production at its Urbana campus.
Sol Systems said on Tuesday it has signed a 20-year power purchase agreement (PPA) with Prairieland Energy Inc (PEI) -- a University of Illinois-related organisation -- to sell the power plant’s output and the related renewable energy credits. PEI will buy the solar output at a fixed price on behalf of the university.
The planned photovoltaic (PV) installation will be designed, financed and built by Capital Dynamics’ and Sol Systems’ Sol Customer Solutions (SCS), which will also operate and maintain it during the PPA term. Once commissioned, the power plant is expected to generate around 20,000 MWh of electricity per year.
The renewable energy credits will be retired on behalf of the university, supporting a goal for it to produce at least 25,000 MWh of solar power annually at its Urbana campus as part of the Illinois Climate Action Plan (iCAP).