Burlington, VT — Encore Renewable Energy announced today the commissioning of two separate 1.4MWp solar arrays for the Town of Stowe Electric Department and Village of Hyde Park Electric Department, respectively. Both projects were financed with low interest debt under the US Treasury Department’s Clean Renewable Energy Bonds (CREBs) program. The low cost of capital associated with the CREBs financing, along with cost savings afforded by the concurrent development and construction of the two projects, will allow both municipal electric departments to own these assets at generation costs well below market rates for Purchase Power Agreements for similarly sized third-party owned projects. The projects will also afford both utilities with protection against compliance payments under the State of Vermont’s recently enacted Renewable Energy Standard.
“I reached out to Encore Renewable Energy early in the concept phase of the project and they worked diligently with The Village of Hyde Park toward completing the project development process and without cost to the Village to find the best site possible for our solar project and subsequently to support the public approval process for the project. The Encore team delivered this important project for our ratepayers at a total project cost that results in significant long term electric savings for the Village. Encore Renewable Energy was key to the success of Hyde Park Solar, Waterhouse Project. We look forward to working with Encore again.” said Carol Robertson, General Manager of The Village of Hyde Park.
“The Stowe Electric Department appreciates the professional and comprehensive approach that Encore Renewable Energy brought to the development of this important project for the ratepayers in our community. Working in parallel on a similar project for our neighboring public utility in Hyde Park and under an extremely tight timeline, Encore provided the high quality project development and management services necessary to bring our project to reality, and we couldn’t be more pleased with their work” said Ellen Burt, General Manager of Stowe Electric Department.
Encore was responsible for coordinating and managing all aspects of the projects including siting, design, permitting, financing, construction and commissioning activities. Encore also ran a competitive auction process to secure the most qualified construction contractor at the lowest price possible for both projects.
The Stowe project is sited on an abandoned portion of the Town of Stowe gravel pit. The Hyde Park project is located adjacent to one of the largest commercial customers within the municipal electric service territory.
“Encore is thrilled to have been able to support both Stowe Electric Department and the Village of Hyde Park on these two unique and groundbreaking solar projects”, said Chad Farrell, Encore’s Founder and President. “These projects are the culmination of a significant amount of work across a number of different organizations and we are pleased to be able to be of assistance in the delivery of clean, renewable energy for these two municipal electric departments at extremely competitive price points.”