DENVER, CO--(Marketwire - August 2, 2010) - MP2 Capital, a leading developer, financier, and operator of solar projects throughout North America celebrated the launch of a 1.6 megawatt (MW) solar photovoltaic array that will power Denver International Airport's fuel storage and distribution facilities. MP2 Capital utilized a unique private-public partnership to develop the project, which is one of the first and largest solar power plants completed to date under the Obama Administration's grant initiative, the American Recovery and Reinvestment Act 1603 (ARRA 1603).
"MP2 Capital is pleased to help further the Denver International Airport's commitment to renewable energy. This project is a breakthrough in the airport industry as it relies on solar power to help reduce the carbon footprint of the fuel farm. Solar-powered jet fuel is the wave of the future as airports seek a cost-effective way to improve the environment," said Mark Lerdal, chief executive officer of MP2 Capital.
The solar array will help Denver International Airport (DIA) to offset the environmental and monetary costs of its jet fuel storage and distribution facility, generating approximately 2,450,000 kilowatt hours of clean electricity in the first year of operation and approximately 47 million kilowatt hours during the system's lifetime. Despite the struggling economy, this project developed at a rapid pace. Thanks to the dedication and cooperation of multiple partners including Intermountain Electric, Sharp Solar, Oak Leaf Energy and Xcel Energy the project moved from concept to completion within 120 days.
"The efficient development process could not have been achieved without the cooperation of our many partners on this project," said Kim Day, Aviation Manager at Denver International Airport. "DIA has a widespread reputation as a 'green' airport, and this project is another example of our commitment to environmental responsibility."
The Denver International Airport array was one of the first solar projects to utilize the ARRA 1603 grant in lieu of investment tax credits. Created by the Obama Administration to spur renewable energy projects, it grants payment for specified energy properties up front, helping to move project forward without tax liability. As part of the innovative public-private financing structure, MP2 Capital assumed the project's financial and operational risks while the DIA was able to secure renewable energy at an attractive long-term rate while providing renewable energy credits to Xcel Energy. Through a power purchase agreement, Denver International Airport will procure the electricity generated from the system from MP2 Capital for a period of 20 years.
About MP2 Capital
MP2 Capital LLC develops, finances and invests in distributed generation and small-scale utility solar projects throughout North America. The firm was founded in 2006 in response to the growing demand for clean, renewable sources of energy. MP2 Capital sells the electricity produced by its projects to commercial, government and utility customers under Power Purchase Agreements and Feed-in Tariffs, providing customers with reliable and cost-efficient electricity without any up-front costs or ongoing operating expenses. The firm is based in San Francisco, California. www.mp2capital.com
Contact Information:
For further information please contact:
Jeff Glavan
Managing Director
MP2 Capital, LLC
415-874-5388
jeff (at)mp2capital.com
Media Contact:
Borders + Gratehouse
Emily Borders
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Emily (at)bordersgratehouse.com