Radnor, PA – Nov. 19, 2015 – Community Energy, Inc. and Eastman Chemical Company today announced an agreement to develop new solar generation in Maryland. The power purchase agreement provides the long term customer commitment necessary to finance construction and operation of new, local solar generation, and will provide Eastman power for the next twenty years. Developed by Community Energy, the new 5MW solar power plant on the Eastern Shore is expected to begin operation in 2016.
“Eastman is pleased to support the construction of a new solar facility in Maryland,” said Ray Ratheal, Director, Global Procurement. “This is a great example of how Eastman approaches sustainability by finding ways to improve long-term environmental performance cost-effectively.”
The twenty-year term of the contract allows the solar project to secure long-term financing and reduce the cost of power to Eastman. “This long-term power purchase agreement converts the company’s power consumption at its locations near the solar facility from a short-term expense to a long-term commitment that enables new, clean, renewable power,” said Community Energy’s Vice President, Jay Carlis. “That commitment delivers economic benefits to Eastman, helps us build new, clean, renewable power and provides environmental benefits for everyone,” he concluded. Community Energy has a portfolio of solar development projects in Maryland and nationally that it markets to retail energy customers and utilities.
Under this agreement, Community Energy will sell the Solar Renewable Energy Certificates into the Maryland compliance market which means that the environmental benefits of solar power benefit everyone in the Maryland electric grid.
About Eastman Chemical Company
Eastman Chemical Company Eastman is a global specialty chemicals company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2014 revenues of approximately $9.5 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 15,000 people around the world. For more information, visit www.eastman.com.
About Community Energy
Since its inception in 1999, Community Energy has led the development and construction of more than 1,000 MW of wind and solar generating facilities. Community Energy has used a pioneering mix of utility off-take approaches, renewable energy marketing programs, new financing structures,development expertise, and public funding and policy support to accelerate the deployment of renewable energy technologies at scale. With headquarters in Radnor, Pennsylvania and offices in Boulder, Colorado, Community Energy has a strong presence in both western and eastern renewable energy markets. For more information about Community Energy, please visit www.communityenergysolar.com.
Jay Carlis, Vice President, Community Energy, Inc.