May 30, 2013 - Renewvia Energy received five additional power purchase agreements from the Tennessee Valley Authority, which will allow installation of photovoltaic systems at generational family-owned poultry farms in Calhoun, Georgia.
These projects will build on Renewvia's successful installation in 2012 of nine commercial solar power systems in north Georgia. In some cases, the renewable energy systems generate greater than 100 percent of the power used by the host to operate their hatcheries. TVA guarantees the purchase of the power for 10 years at a premium to the current retail utility rate.
Farms host the solar power systems under a 10-year site lease. When the lease expires, ownership will transfer to the farms with about 20 years of life remaining in the system. This allows poultry farmers to control one of their most significant costs: electricity. Investors are able to realize an above market return through grants, federal and state tax benefit and revenue from the sale of electricity.
"We are excited to continue the momentum in the renewable energy market by procuring even more power purchase agreements with TVA and Georgia's leading poultry farmers," said Eric Domescik, principal of Renewvia Energy. "We recognize that the environmental benefits of solar power can only be realized when projects make financial sense and are attractive to investors, developers and the host entity that consumes the solar power."
Installation of the latest commercial solar power systems is scheduled to begin in Calhoun in June.