Greenwood Energy today announced it will finance and own a 2.9-megawatt (MW) capacity solar energy installation for Ithaca College. The array is located 40 miles from campus in Seneca, New York, but will meet 10 percent of the college’s electricity needs through virtual net metering and will be one of the largest for a higher education institution in New York State once complete.
“Smart policy innovations like virtual net metering further extend the economic and environmental benefits of solar power for New York’s educational and business communities,” said Camilo Patrignani, CEO of Greenwood Energy. “This installation brings Ithaca College one step closer to both New York’s 50 percent renewable energy target and America’s low-carbon energy future.”
The project is being built and financed through a 25-year power purchase agreement along with incentives from the New York State Energy Research and Development Authority’s NY-SUN program. The Ithaca College project adds to the over 95MW of renewable energy projects Greenwood has developed in the United States, and will help the school meet its goal of 100 percent carbon neutrality by 2050.
“This is a significant milestone in the history of Ithaca College, and in our commitment to sustainability,” said President Tom Rochon. “We are proud to be making this tremendous leap forward in environmental stewardship on behalf of our students, faculty, staff and alumni as well as the wider community in which we all live.”