GLOUCESTER CITY, NJ — Gloucester Marine Terminal today announced that it is partnering with solar technology leader SunPower Corp. to build the largest rooftop solar installation in North America – a massive, 1.1 million square-foot project on the roof of the Terminal’s refrigerated warehouse near the Walt Whitman Bridge on the Delaware River.
Known as Riverside Renewable Energy, LLC, the $42 million, privately funded project calls for the installation of 27,528 photovoltaic rooftop solar panels that will generate nine megawatts of electricity (9 MW) – or roughly enough to power 1,500 homes – at Gloucester Marine Terminal, which is owned by the Holt family.
The Riverside project will be nearly twice as large as any previous rooftop solar installation in New Jersey, which has emerged as a national leader in the development of renewable energy resources. Construction is underway and should be completed by the fall.
When completed, the Riverside project will generate the equivalent of nearly 80 percent of the Terminal’s power demand. According to estimates provided by the U.S. Environmental Protection Agency, the system is expected to offset more than 9,500 tons of carbon dioxide, approximately the same amount that would be offset by planting 400,000 trees or removing 1,700 cars from the road.
In addition to the Holt family, the Riverside project is a partnership involving SunPower, a global solar technology company that designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today; Rabobank, a leading global bank and financier of renewable energy projects, which will lead the financing for the venture; and PSE&G, which will play a critical role in the interconnection of the project.“
Locally, the Riverside Renewable Energy project development and finance team was led by Bill Streich, Riverside CFO; J. Ferd Convery, from the Reed Smith law firm in Princeton, N.J.; and Keith Peltzman, President of Independence Solar, LLC in Cherry Hill, N.J. for financial and technical advisory services.
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