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McCarter And English Helps NJ Hospital Go Solar
Newark NJ (SPX) Feb 11, 2009 A team of McCarter and English lawyers helped Belle Mead, NJ-based Carrier Clinic put together a state-of-the-art financing structure to support development of a large-scale solar photovoltaic array that will provide up to 50% of the electrical power for the not-for-profit healthcare provider for 25 years. The innovative structure allows even a non-profit organization to enjoy indirect benefits from federal and state tax incentives that promote investments in renewable energy and the growing green jobs economy. Under the Power Purchase Agreement announced this week, enXco, an EDF Energies Nouvelles Company, will begin construction this spring of the up-to-1.9-megawatt project, which will be owned and operated by enXco to supply Carrier on a net-metering basis. The project, which will be the largest solar system on a New Jersey hospital campus, qualifies for New Jersey Renewable Energy Certificates. "Successful renewable energy projects on this scale will require new business models and financial structures as much as new technology," said Susan Feeney, a Newark office tax partner and member of McCarter's Climate Change and Renewable Energy Practice Group. "We hope this will be a model for future development." The Carrier Clinic team also included Hartford-based Stephen Humes, co-chair of the climate change group, who handled the power purchase agreement and energy regulatory issues, and Newark partner Edward Butler on leasing and other real estate issues. Carrier Clinic is a private, not-for-profit behavioral healthcare system which specializes in psychiatric and addiction treatment. Carrier's system includes an inpatient psychiatric hospital, a detoxification and rehabilitation center, an adolescent residential facility and a fully accredited middle and high school for students classified as emotionally disturbed. Share This Article With Planet Earth
Related Links McCarter and English All About Solar Energy at SolarDaily.com
Evolution Solar Comments On Surge In Solar Stocks
Tempe AZ (SPX) Feb 11, 2009Evolution Solar noted that of the 20 stocks followed in the solar index, 17 were up an average of +9.09%. This strong momentum bodes well for the solar energy industry in general. There are several reasons for this strong surge, the first being the renewal of postponed solar contracts from last year. With the new solar tax credit available this year, contracts are now moving forward. |
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