Alchemy Renewable Energy Announces Commercial Operation of 3.5 MWac Ephrata Solar Project
BY: ARE
CATEGORIES: Alchemy News
Alchemy Renewable Energy Announces Commercial Operation of 3.5 MWac Ephrata Solar Project
Atlanta, May 29, 2019 – Alchemy Renewable Energy (ARE), a high growth portfolio company of Monarch Private Capital that owns and operates renewable energy facilities, today announced the commercial operation of the 3.5 MWac Ephrata Solar photovoltaic project, located in Lancaster County, Pennsylvania. In 2017 the Borough of Ephrata selected TurningPoint Energy as the project developer. TurningPoint Energy fully developed the project and partnered with DEPCOM Power for engineering, procurement, construction and financing services. The Ephrata Solar project is the second collaboration between Monarch Private Capital, DEPCOM Power and TurningPoint Energy working with a distribution utility.
“We are very excited about Ephrata Solar and the impact it will have on the local community,” said Lacie Clark, CEO of Alchemy Renewable Energy. “By offering an innovative approach to solar development with such notable partners as DEPCOM Power and TurningPoint Energy, we can continue to fulfill our mission to help create clean power.”
The project has a long-term Power Purchase Agreement with the Borough of Ephrata. It will generate enough clean electricity to help the Borough of Ephrata power more than 670 homes and remove 3,700 tons of carbon emissions, which is the equivalent of taking 448 cars off the road for one year or planting 3,109 trees.
“We are excited to bring this project online. The cost of the energy when combined with the behind the meter benefits will serve the residents of the Borough by offsetting the ever-increasing transmission and capacity costs for the next twenty-five years,” said D. Robert Thompson, Ephrata Borough Manager.
“We are thankful for the opportunity to partner with and perform on our commitments with the Borough of Ephrata, on this solar project with DEPCOM Power and Monarch Private Capital,” said Jared Schoch, President, TurningPoint Energy. “We value these partners, and look forward to continued collaboration and investments in our utility clients and their communities.”
DEPCOM Power provided engineering, procurement and construction for the project and will also deliver operations and maintenance services.
“DEPCOM is proud to be a partner in Pennsylvania’s clean, solar energy future. In keeping with our commitment as a partner in the local community, DEPCOM has also made several charitable donations to local outreach organizations including the Milagro House and the Opportunity House on behalf of this great community solar project,” said John Bruzza, Project Manager, DEPCOM Power.
A project dedication event is taking place at the project site located at 15 Springhouse Road in Ephrata, Pennsylvania, today, May 29, 2019.
About Alchemy Renewable Energy
Alchemy Renewable Energy is an industry leader in renewable energy projects as well as comprehensive long-term debt and tax equity financing. We utilize our credentialed team, a strong network of joint ventures, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. We reduce overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support. Visit www.alchemyenergy.com to learn more.
About the Borough of Ephrata
The Borough of Ephrata was incorporated as a Borough in 1891. In origins began in 1732 as a community seeking religious freedom. Today the Borough is 3.5 square miles and has 13,300 residents. It has 16 public parks and 133 acres of outdoor recreation that includes the Cocalico Creek and the very popular Warwick to Ephrata Rail Trail. In 1924 Ephrata began generating electricity until 1965. It continues to operate the electric system within the borough limits providing electricity to our residents and offering hometown service.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects under way throughout the U.S. Its principals have experience developing solar projects for utility and community solar clients totaling more than $2.5 billion in value over 1.1GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean privately held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information about TurningPoint Energy, visit turningpoint-energy.com.
About DEPCOM Power
DEPCOM Power is a partner in utility-scale solar for: Project Development Support, Engineering, Procurement & Construction and Operations & Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly experienced solar team, technology and agnostic top-tier solar modules, and cost-effective balance of system components to provide optimum levels of agility, price and quality for utility-scale solar. For more information about DEPCOM Power, visit www.depcompower.com.
Media Contact
Jane Rafeedie
Monarch Private Capital
jrafeedie@monarchprivate.com
(470) 283-8431