Fotowatio Renewable Ventures (FRV) will build a 3.3 MW solar plant in Colorado State University (CSU). This facility, which will be located in the Foothills campus, joins the 2 MW operation by FRV in December 2009 on the campus of the university.
The power of both facilities, 5.3 MW, will be the largest photovoltaic plant brings to an American university, according to data from the Association for the Advancement of Sustainability in Higher Education. In total, generated 8.5 million kWh of electricity annually, enough to fill more than one third of annual consumption of electricity in the CSU Foothills Campus. The expansion works of 3.3 MW will be completed in four months.
FRV will own the solar system and responsible for its operation and maintenance for a period of 20 years. FRV and CSU have signed a Power Purchase Agreement (PPA), which allows the CSU to buy the energy produced by the plant at a fixed price for 20 years without any upfront cost to the university. At the end of the contract the university has an option to purchase the solar plant. At that time, the university could claim the full value of renewable energy credits generated by the plant.
This project is part of Solar Energy Rewards program, Xcel, a leading provider of state power. Xcel will purchase renewable energy credits generated by the installation and support for Colorado’s Renewable Energy Portfolio Standard – a state policy that requires utilities to produce 30 percent of its energy from renewable sources by 2020.