The partnership takes advantage of
Colorado's new, net metering
program and supports the University's decarbonization
goals
BOULDER, Colo., July 23, 2024 /PRNewswire/ -- Pivot
Energy, a leading, national renewable energy provider and
independent power producer and the University
of Colorado Boulder (CU Boulder), have reached a 5 megawatt
dc (MWdc) virtual net metering agreement. Under the 20-year
subscription agreement, Pivot will develop an off-site net metering
solar project in Weld County,
which it will own and operate.
CU Boulder is taking advantage
of virtual net metering, an innovative new program made possible by
Colorado Senate Bill 21-26 in
2021, which enables organizations to benefit from the energy
produced by offsite solar installations. The University will
utilize solar power generated by the offsite net-metering solar
project, without needing to install solar onsite. The offsite
solar project feeds directly into the electric grid, with CU
Boulder receiving credits for the renewable energy produced on its
electric bills.
Additionally, 100% of the project's Renewable Energy Credits
(RECs) from the offsite solar project will be transferred to CU
Boulder, helping the university advance its goals to reduce its
Scope 2 greenhouse gas (GHG) emissions 50% by 2030 and achieve
carbon neutrality by 2050.
"Pivot Energy is excited to partner with a renowned university
like CU Boulder on this impactful clean energy project that brings
more solar power to Colorado,"
said Mat Elmore, SVP of Strategic Accounts at Pivot Energy. "CU
Boulder illustrates how colleges and universities can be leaders in
helping advance the clean energy transition."
This is Pivot Energy's first solar project and collaboration
with CU Boulder.
"The Pivot Energy agreement is an important step for CU Boulder
in the sustainability realm," University of
Colorado Boulder Chancellor Justin
Schwartz said. "We are pleased to be an inaugural subscriber
under the innovative policy passed into law in Colorado to expand Colorado's solar resources and demonstrate
continued leadership in the energy transition. Sustainability – in
our research, teaching and operations – is one of my top priorities
as chancellor, and I am thrilled that this agreement is one of the
first big projects I have the pleasure of sharing with our campus
community and fellow Coloradans."
The project is expected to be completed in early 2026 and will
produce an estimated 9.5 million kilowatt-hours (kWh) of solar
energy annually, the equivalent to powering more than 850 homes and
taking 1,580 passenger cars off the road for one year. Laid
end-to-end, the project's solar panels are enough to fill four
football fields.
About Pivot Energy
Pivot Energy is a renewable energy
provider and independent power producer that develops, finances,
builds, owns, and manages solar and energy storage projects. Pivot
leverages its renewable expertise to provide a range of unique
offerings that accelerate the clean energy transition by helping
companies and communities attain impactful decarbonization. Pivot
is a U.S.-based Certified B-Corporation that proudly follows a
corporate strategy aimed at providing a positive impact on society
as measured by Environmental stewardship, Social leadership, and
responsible Governance factors. Pivot Energy is an ECP portfolio
company. Learn more at pivotenergy.net.
Contact:
Kate Laursen
2036105879
380715@email4pr.com
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content:https://www.prnewswire.com/news-releases/pivot-energy-and-the-university-of-colorado-boulder-join-forces-to-develop-off-site-solar-energy-project-in-colorado-302203876.html
SOURCE Pivot Energy