ASPEN, Colo. (April 20, 2015) — Spear Point Energy, a leading independent solar power producer and developer, has completed the first of four 2.5-megawatt ground mount solar arrays in Hagerstown, Maryland. The second 2.5-megawatt array is nearing completion and will be placed in service within the next 30 days.
The four projects, totaling 10 megawatts of solar, will deliver an estimated $200,000 in annual energy savings to the Washington County government. In a ceremony on April 22, Spear Point Energy CEO Sam Houston will present a $50,000 check to Washington County officials, as part of activating the first two systems. Several Washington County Commissioners, members of the Congressional and Assembly delegations, State officials, representatives from County government and from Potomac Edison plan to attend the opening of the new solar array.
“Spear Point Energy is proud to announce the completion of this project, which will help Washington County close in on its goal of 100-percent renewable energy usage,” says Houston. “This project is a tremendous accomplishment for the County and Spear Point. A significant reduction in carbon emissions coupled with cost savings on electrical usage and new revenue derived from leasing county land for the installation make it a win both environmentally and fiscally.“
Spear Point Energy will own, operate, and maintain the four systems on county-owned land, generating over $100,000 in leasing revenue for the local government annually.
“This is very positive for Washington County. We’re pleased that through a public and private partnership, we’ve been able to take steps to decrease our reliance on line-power and create an environment where we can generate green power through solar,” says Washington County Administrator, Gregory Murray. “We can now satisfy the power requirements of County government, on County property, through renewable resources. We’re pleased to be one of the first in the country that can say we’ve accomplished that.”
The 10 megawatts of solar when completed will produce approximately 13.4 million kilowatt-hours annually, covering nearly all the electricity needs for Washington County government facilities with clean, renewable solar energy. The County will not take on any investment risk from the project and will begin seeing savings immediately through a power purchase agreement with Spear Point Energy.
“It’s a tried and true legal framework, and a well-established deal structure,” says Spear Point President, Michael Johnson. “This project is a perfect embodiment of our mission to provide cost-effective, energy-saving solutions that deliver the benefits of solar energy to industrial customers, municipalities and utilities throughout the U.S.”
About Spear Point Energy
Spear Point Energy is an independent power producer and solar project developer for commercial and industrial customers, municipalities and utilities throughout the U.S. Spear Point sells renewable electricity at competitive rates to customers through power purchase agreements. The company finances, develops, builds, owns and operates solar power systems ranging from 500 kilowatts to 20 megawatts in size. Spear Point Energy is online at http://www.spearpointenergy.com.