As Connecticut amps up to invest $1 billion in new renewable energy systems over several years, two solar companies have opened Stamford offices in expectation of demand.
REgeneration Finance moved from Harrison, N.Y., to 300 First Stamford Place, owned by New York City-based Malkin Properties. REgeneration is occupying more than 4,000 square feet of space in the building.
Scotland”™s Renewable Resources Ltd., meanwhile, opened an office at 119 Research Drive in Stamford.
Last year, REgeneration completed construction or arranged financing for 12 megawatts of photovoltaic solar projects across 50 sites in four states, power for the equivalent of more than 9,000 homes. The company to date has focused its efforts on public schools, but also markets to businesses and other nonprofits. In all, the company has developed more than 100 megawatts of solar capacity.
Until recently, CEO Jaime Smith was general manager of SunEdison”™s U.S. commercial business, which had $250 million in revenue last year.
Connecticut Light & Power Co. and United Illuminating Co. are administering Connecticut”™s new zero-emissions renewable energy credit (ZREC) and low-emissions renewable energy credit (LREC) programs. Under the programs, renewable energy project developers will receive 15-year contracts for the payment of a set price per megawatt-hour of output in the form of renewable energy credits.
By selecting quality projects that have lower costs, the ZREC and LREC programs will maximize the amount of in-state economic activity generated by the program and procure the lowest priced renewable electricity possible, according to the Connecticut Public Utility Regulatory Authority.
Even as financing floods into the Connecticut market, new products are becoming available. Dow Chemical Co. has begun selling a solar shingle that won a 2012 Edison Award for innovation in New York City last month.
In Shelton, meanwhile OPEL Technologies Inc. nearly quadrupled sales last year to $6 million selling systems that help solar arrays track the sun and so become more efficient. OPEL reported a $15 million loss, driven it said by delayed deployment of next-generation solar technologies as cheaper panels made in China come onto the market.
