TRANCHE II – 2011
2- Status - The Authority issued $23,980,000 of Somerset County guaranteed bonds on August 25, 2011, and $2,810,000 of Somerset County guaranteed notes on January 19, 2012 under the Program. The Department of Energy has conditionally awarded the Authority $2,000,000 to pay off a portion of the notes coming due on September 15, 2012. The $26,790,000 aggregate amount of bonds and notes funded approximately 2/3 of the cost of 37 solar projects for 16 local units for a total of 5.9 MW of solar renewable energy to be generated upon the construction of the projects, anticipated to be fully complete by August, 2012. Under the proposal submitted by SunLight General Somerset Solar, LLC the winning proposer for Tranche II, the participating local units are anticipated to save approximately 2/3 off of their displaced energy now being generated from the solar panels funded under the Program. SunLight equity is responsible for the final 1/3 of the cost of the projects, and further, SunLight shall be responsible for the operation and maintenance of these Tranche II projects for the 15 year power purchase agreement life of the transaction. The estimated savings over the life of the transaction for each local unit facility is set forth on Attachment 3 of the Tranche II evaluation report.
TRANCHE I – 2010
2- Status - The Authority issued $30,225,000 of Somerset County guaranteed series a bonds on November 16, 2010, and $10,525,000 of Somerset County guaranteed series b bonds on January 19, 2011 under the Program. The $40,750,000 aggregate amount of bonds funded 32 solar projects for 15 local units for a total of 8.083 MW of solar generated renewable energy. 100 % of the solar projects have been completed, are operating, and the participating local governments are starting to achieve the approximately 2/3 of displaced energy savings contemplated by the evaluation report. The solar developer, Somerset Solar Holding I LLC (a joint venture between Vanguard Energy and Citigroup) continues to be responsible for the operation and maintenance of these Tranche I projects for the 15 year power purchase agreement life of the transaction. The estimated savings over the life of the transaction for each local unit facility is set forth on Attachment 4 of the Tranche I evaluation report.
Solar Projects Update – August 2014
Solar Projects Update – February 2015
Somerset County Improvement Authorityc/o Somerset County Administrator's Office
20 Grove Street, P.O. Box 3000
Somerville, NJ 08876-1262
Phone: 908-231-7040 / Fax: 908-231-1740