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Eatontown, NJ, USA: Anova Energy Solutions Commissions Meridian Center Solar Plant

October 19, 2010

Solar developer and financing consultant, Anova Energy Solutions LLC, has commissioned the Meridian Center Solar Plant. The project, which is comprised of 25 separate “mini-systems”, has been installed on four adjacent buildings in the Meridian Center Business Park.

The 728 kW Solar Plant, which is currently the largest producing solar system in Monmouth County, will produce approximately 830,000 kilowatt hours (kWh) of clean, renewable electricity every year. Anova, which began development of the project in 2009, partnered with Trinity Solar for the design, installation and integration of the system.

Anova will operate and maintain the Solar Plant for the system owner, Meridian Solar Partners LLC (MSP) an affiliated alternative energy private equity company.

Anova’s Managing Partner Gary Rafaloff said, “We’re very proud to complete the Meridian Center Solar Plant. This creative solar project involved complex structuring among several properties, an affiliated system ownership, multiple lenders and 25 separate tenants.”

Rafaloff hopes that this project will spur additional property owners to go green. However, he is concerned that the rapid growth of the New Jersey Solar Industry will stall if congress doesn’t elect to extend the Section 1603 30% Federal Tax Grant, which is scheduled to expire December 31 2010.

Rafaloff said “Access to capital is very limited right now for small and mid-sized property owners. The 30% Tax Grant is commonly used as part of an equity contribution when financing the system with a loan or lease. Without the Tax Grant, many property owners will not qualify for financing.”

Eric Phillips, Managing Partner of MSP, believes this project was a win-win for everyone involved.

He stated, “The property ownership will see a significant increase in their profits as they utilize their rooftops as a new source of revenue. They can also promote the solar systems as a means to attract environmentally conscious tenants to their buildings. At the same time, the tenants benefit from a reduction and long term stabilization of their energy costs. And, of course, we will all realize the numerous environmental benefits achieved from the annual production of 830,000 kilowatt hours of clean, renewable energy.”

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