KDC Solar starting 5.5-MW New Jersey solar project
KDC Solar, owner and operator of solar power facilities, has announced the commencement of construction on a 5.5-MW solar power system located in the Bridgeton and Fairfield Townships in New Jersey. The solar project will supply electricity to the adjacent Ardagh Group glass manufacturing facility, producing approximately 7.5 million kWh of renewable electricity in its first year.
“Ardagh Group is delighted to collaborate with KDC Solar on this renewable project,” said Bertrand Paulet, president and CEO of Ardagh Group’s North American Glass division. “Upon completion, our Bridgeton facility will benefit from cleaner, more cost-efficient energy, consistent with Ardagh Group’s objective of delivering fully recyclable, sustainable packaging solutions to our customers.”
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity were arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
“This represents our second project with KDC Solar in New Jersey. Alan and the KDC team are experienced developers and we look forward to further expanding our project portfolio with them” said Everett Smith, managing partner of GoldenSet Capital.
News item from KDC Solar