MMA Renewable Ventures has announced that it is financing the installation of new solar energy systems at two California college campuses, California State University, Fresno (Fresno State) and Los Angeles Community College District's East Los Angeles College (ELAC). MMA Renewable Ventures will own and operate the clean energy systems and sell predictably priced electricity to Fresno State and ELAC under long term Power Purchase Agreements (PPAs).
At approximately one megawatt (MW) each, the solar installations are among the largest photovoltaic systems in U.S. higher education.
"These solar projects at ELAC and Fresno State allow the public institutions to support renewable energy while achieving cost savings from the systems' first day of operation. We're pleased to be able to help California's colleges and universities put their dollars toward education rather than investment in photovoltaic infrastructure and maintenance," said Matt Cheney, CEO of MMA Renewable Ventures.
MMA Renewable Ventures partnered with Chevron Energy Solutions, a unit of Chevron (NYSE: CVX – News), to create a tailored financial solution for each project. Chevron Energy Solutions developed and engineered the projects and is overseeing their construction.
ELAC is the largest college within the Los Angeles Community College District (LACCD). Upon its completion, ELAC's new solar energy system is expected to generate 1.6 million kilowatt hours (kWh) of clean power annually, enough to cover nearly all the ELAC campus' daytime electricity needs.
The energy system will consist of approximately 6,000 solar panels installed atop carports at ELAC's Monterey Park, California campus. The system at ELAC is part of LACCD's comprehensive plan to meet its campuses' growing energy demand in ways that benefit the community and the environment.
Fresno State's 1.1 MW solar installation, which was celebrated recently at an on-campus event, will meet approximately 20 percent of the university's annual power needs. Through its PPA with MMA Renewable Ventures, Fresno State expects to save more than $13 million in avoided utility costs over the 30-year life of the solar power system.
Consisting of 3,872 solar panels mounted on top of more than 700 carport stalls constructed in campus parking lots, the new system is expected to offset the production of about 950 metric tons of carbon dioxide emissions each year. This is the largest solar parking project at any university in the U.S.
