Portland Habilitation Center and U.S. Bank Announced Today That Financing is Fully in Place to Build Oregon's Largest Solar Electric System
Posted on: Wednesday, 20 February 2008, 18:00 CST
Portland Habilitation Center Northwest, a non-profit organization that trains and employs individuals with disabilities throughout Oregon and Washington, will soon host the largest solar electric system in the state of Oregon. U.S. Bancorp Community Development Corporation will own and finance the 870-kilowatt system. Additional financing is being provided by Meyer Memorial Trust and the Energy Trust of Oregon.
United Fund Advisors is developing the project and structured the financing of the federal and state tax credits for U.S. Bancorp. Commercial Solar Ventures is working with the Habilitation Center as a financial solar consultant. Dynalectric and the architecture firm of Ernie Munch are engaged to design and install the PV system which will consist of high-performance Day4 48 MC solar modules from Day4 Energy.
The solar electric system will be located on the rooftop of the Habilitation Center's new industrial facility in Northeast Portland. The renewable energy generated from the system will power expansion of the Habilitation Center's in-house manufacturing, assembly, order fulfillment, courier, and warehousing services to a variety of Oregon and Washington companies. Any excess energy generated from the solar system will be delivered to Portland General Electric's grid, and the Habilitation Center will be credited for any unused energy under Oregon's net-metering law. The solar installation will eventually save the Habilitation Center nearly $75,000 in annual energy costs and reduce its greenhouse gas emissions by approximately 18,000 tons over the life of the system.
Despite Portland's rainy reputation, western Oregon has enough annual sunlight to efficiently power solar projects. Germany, the world leader in solar installations, actually receives less average annual sunlight than Oregon. In addition to the ample sunlight, Oregon has attractive state tax incentives for installing solar systems, making it a prime region for developing new solar projects.
"This project fits well into U.S. Bank's focus on making a positive impact on the environment by taking a green approach to our business policies as appropriate for our company and our customers," said Malia Wasson, President, U.S. Bank -- Oregon.
For more information on the partners involved in the PHC solar
project, please visit:
Portland Habilitation Center -- Host
www.phcnw.com
U.S. Bancorp Community Development Corporation -- Investor
www.usbank.com
United Fund Advisors -- Tax Syndicator and Financial Consultant
www.unitedfundadvisors.com
Commercial Solar Ventures -- Financial Solar Consultant
www.c-s-v.com
Energy Trust of Oregon -- REC Purchaser
www.energytrust.org
Dynalectric -- Installer
www.dyna-portland.com
Day4 Energy -- Solar Panel Manufacturer
www.day4energy.com
Ernie Munch -- Architect
Call 503-224-1282
Source: Business Wire
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