Sol-REIT to Provide $9 Million Refinancing for School District Projects

Sol-REIT is funding a portfolio of projects that supply three school districts in New Jersey communities with clean, renewable energy at a savings of up to 72% in comparison to the state’s average energy costs.

The company’s $9 million refinance loan to DIASASP Holdings, the developer of solar systems at Delsea Regional, Middletown Township and Plainfield school districts in New Jersey, will help support continued renewable low-cost power generation for the districts under their power purchase agreements.

“It is critical that the benefits of clean, renewable solar energy are accessible to everyone,” said Tom Gleckner, project manager, DIASASP Holdings. “DIASASP is excited to provide significant power savings to these school districts, which also will benefit their entire communities and fund student needs in the future.”

An accumulated 7.4 megawatts of solar power is generated by the projects, from a total of 21,467 solar panels that cover 25 different installations. About 75% of the systems are roof-mounted, with the exclusion of the ground-mounted systems in the Delsea School District.

“This is another example of what Sol-REIT can do for the municipality, utility, school and hospital sectors,” said Mark Settles, CEO, Sol-REIT. “We are primed to handle a variety of projects focused on clean, renewable energy that provide developers working capital and cash flow to get these projects to COD and beyond. We are active with a successful REIT in the marketplace and we’re deploying capital.”

The project will help ensure the school districts of reduced energy costs, going as low as 3.83 cents per kWh, as opposed to the 13.63 per kWh average statewide rate for New Jersey. The project has the potential to generate sufficient clean energy to provide electricity to more than 875 homes a year, considering the U.S. average home use of 11 megawatts per year, while reducing carbon dioxide emissions by more than 4,000 metric tons a year.