BOSTON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Kearsarge Energy and the City of Manchester announce the successful completion and commercial operations for 3.3 MW solar renewable energy project at the Dunbarton Road Closed and Capped Landfill. The Project generates guaranteed energy cost savings and tax revenues for the City. The local New Hampshire economy was a big winner amidst a tough year; development and construction generated more than 10,000 person hours of professional and skilled labor and will continue to require local maintenance and operations staffing for the next 20+ years with total project costs of approximately $7 million.
Kearsarge Energy responded to an initial Request for Qualifications from the City of Manchester in 2018 and worked closely with Manchester to design and develop the project. Kearsarge financed and developed the project using its own sponsor equity, partnering with financial institutions for debt and tax equity. Kearsarge, as it does on all its projects, will own and operate the solar array for the project's life, underlining its leadership in sustainable energy development and operations in the Northeast.
Project Highlights:
Transforming 12 acres of underutilized land at the former Dunbarton Road landfill into a renewable energy producer comprised of more than 8,000 solar modules under the newly expanded New Hampshire Net Metering Program, the project feeds 3.8 million kWh into the utility grid annually, which will support the electricity demand of approximately 350 average New Hampshire homes. Manchester will receive energy savings and tax revenue estimated at more than $500,000 over 20 years at no cost to the City. The Project's output will offset more than 2,700 metric tons of CO2 per year—equivalent to avoiding the emissions from the burning of 3 million pounds of coal to generate electricity. The leadership of Mayor Joyce Craig in conjunction with the Manchester Department of Public Works and the New Hampshire Department of Environmental Services drove this project to successful conclusion.
"We began this project back in 2018, and after years of planning, I'm thrilled to announce the solar array is operational," said Mayor Joyce Craig. "The electricity produced by these solar panels will be enough to power hundreds of homes annually across the city. I want to thank the hard work of the Manchester Department of Public Works and our partners, including Kearsarge Energy, for their commitment to this project."
"2021 has been a rewarding year for Kearsarge in light of the many challenges and headwinds we have faced in the market. Thanks to partners such as Manchester, Kearsarge has put into operations six projects in New Hampshire, Massachusetts and Rhode Island," said Andrew Bernstein, Managing Partner of Kearsarge Energy. "Additionally, our strong construction and financing partnerships were critical to our success in this environment. We are both gratified and excited to see these sites commence operations for our many stakeholders including towns, schools, low-and-moderate-income partners, non-profits and healthcare institutions that will enjoy strong energy savings, taxes and lease revenues due to these projects. In 2022-23, we're setting an even quicker pace with 150 MW in development/construction and further expansion into New Hampshire, Maine, Virginia, Pennsylvania and Maryland."
For questions, please call Andrew Bernstein at +01 617-393-4222.
About Kearsarge Energy
Kearsarge Energy, based in Boston, Massachusetts, is New England's fastest-growing renewable energy project development, finance, and renewable asset owner, with a dual mission to help build a more sustainable world and to provide superior returns for stakeholders and the environment. Having successfully developed and financed 170 MW and $450 million of solar since 2011, Kearsarge is focused on creating long-term value by working with local communities to meet the growing demand for commercial and utility-scale renewable energy projects. Please see www.kearsargeenergy.com.
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