CGE Energy announced it has signed a joint venture agreement to provide integrated energy projects to PK Housing and Management’s 65 multi-family properties.
Both companies have signed letter of intent (LoI) in this regard. They are also signing power purchase agreements (PPAs) that bring renewable energy technologies and energy efficient equipment to PK’s properties.
PK’s only obligation is purchasing the power from CGE at the same rate they currently pay their local utility. The companies are entering into a joint venture on these projects with PK receiving a percentage of ownership.
Through this partnership, CGE Energy is offering a stress-free way to install and maintain green energy measures,” said Chris Potterpin, vice president of Development for PK.
“With this joint venture, we are getting a return on CGE’s investment in our future sustainability,” Potterpin added.
The joint venture partnership is also a unique way for PK Housing to immediately reduce their carbon footprint while receiving a long-term return on their decision to purchase green power. The return is two-fold, said CGE president Bryan Zaplitny.
The initial project scope will include upgrading the 65 facility’s common areas and exterior lights to Cree LED as well as installing SolarWorld solar PV on the roof space and carports.
Rajani Baburajan
editor@greentechlead.com