Kyocera to invest in $38mn solar PV project in New York

Steve Hill, president of Kyocera Solar

Kyocera has announced plans to invest in a tax equity partnership for the development of solar photovoltaic (PV) projects valued at $38 million in New York.

The project will use 30 percent federal energy investment tax credit, Kyocera said.

As part of the investment, Kyocera has also entered into an agreement with U.S. Light Energy (USLE) to utilize high-quality, dependable Kyocera solar modules on all installations. USLE is in the final stages of installing 9.4 megawatts (MWDC) of PV systems, with the installations to be completed by June 2014.

USLE’s target is to provide a reduction of at least 20 percent in net electricity costs through its Power Purchase Agreements, as compared to conventional grid electricity.

Steve Hill, president of Kyocera Solar

Leveraging federal tax incentives offered for solar programs, USLE is able to provide a more competitive price for commercial customers, encouraging more companies to utilize solar and put the savings back into growing their businesses, said Alex Lieb, CEO of USLE.

“Kyocera’s tax equity investment with USLE enables commercial buildings and schools to benefit from environmentally friendly solar power with no up-front investment,” said Steve Hill, president of Kyocera Solar.

The partnership represents a significant investment in New York with out-of-state funds and has already resulted in the employment of more than 50 people. The project will help both Kyocera and USLE grow in the Northeast region and beyond.

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