EnSync Energy Announces Sale of Power Purchase Agreements for Two Community Facilities in Hawaii
Agreement with Polynesian Cultural Center marks first use of commercial on-bill financing program in Hawaii
News Release from EnSync Energy
MILWAUKEE, July 9, 2018 -- EnSync, Inc. (NYSE American: ESNC), dba EnSync Energy Systems, a leading developer of innovative distributed energy resources (DERs), announced today the selling of 20-year power purchase agreements (PPA) with the tourist destination Polynesian Cultural Center and the community organization Kohala Village HUB to undisclosed investors.
The PPA for the Polynesian Cultural Center, a nonprofit 501(c)(3) organization established to preserve and portray the cultures, arts and crafts of Polynesia, will finance a set of photovoltaic and inverter systems totaling 413 kilowatts (kw), with flexibility to install additional systems and features. The agreement marks the first commercial on-bill financing project in Hawaii using the Hawaii Green Infrastructure Authority's recently launched Green Energy Money $aver (GEM$)On-Bill program. In April, Hawaiian regulators approved this innovative on-bill repayment mechanism that enables ratepayers to shift to energy efficiency and renewable energy sources utilizing a non-traditional financing mechanism.
The program leverages public and private capital to finance new clean energy projects, allowing ratepayers to pay a fixed amount on their utility bill out of the overall cost savings enjoyed as a result of the new energy efficiency and/or solar installations.
"We are delighted to develop the first project that makes use of this innovative financing system to accelerate the development of clean energy sources in Hawaii," said EnSync Energy Systems CEO Brad Hansen. "These agreements point to our continued leadership in the growing commercial and industrial market for distributed generation and distributed energy resource systems in the state."
"The GEM$ on-bill repayment mechanism enabled the Polynesian Cultural Center to significantly lower its energy costs," said Gwen Yamamoto Lau, Executive Director of the Hawaii Green Infrastructure Authority. "We are excited about the possibilities of replicating this model to assist other nonprofits in the Hawaiian Electric Companies' service territory to convert to clean energy."
The PPA for Kohala Village HUB, a community-based organization for North Kohala residents and visitors, will finance a 60-kw PV system and a 37-kWh lithium-ion residential energy storage system. The project design will allow the batteries to be charged entirely through onsite solar energy.
"The cost savings and electricity reliability this tailored installation brings are important additions to our campus and community mission," said Bennett Dorrance, owner of Kohala Village HUB. "We are excited to be able to deliver sustainable energy, in line with our mission and the values of our community."
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