SOURCE: MP2 Capital, LLC

MP2 Capital, LLC

August 25, 2010 09:00 ET

Solar Schoolhouse: MP2 Capital Completes Initial Phase of 1.8 MW Solar PV Project to Power 16 Denver Public Schools

Solar Project Powers One of Nation's Largest School Districts, Reducing Energy Costs and Educating Students on Renewable Energy

DENVER, CO--(Marketwire - August 25, 2010) -  MP2 Capital, a leading developer, financier, and operator of solar projects throughout North America, announced today the completion of phase one of a 1.8 MW solar photovoltaic (PV) project to power the Denver Public School District. The rooftop solar arrays for the first five of 16 schools have been completed and the remaining projects are expected to be constructed by the end of the year. MP2 Capital has partnered with local players Namasté Solar, a Colorado-based designer and installer, and Oak Leaf Energy Partners, a Denver-based developer, to help complete the projects.

"MP2 Capital is pleased to partner with the Denver Public Schools in this endeavor to reduce the school system's overall carbon footprint and provide an important educational tool to their students. Students will benefit from witnessing first-hand the positive effects of renewable energy on their schools," said Mark Lerdal, chief executive officer of MP2 Capital. 

The solar arrays will help the Denver Public Schools (DPS) to offset environmental and monetary costs of energy for 16 schools, generating approximately 2,521,890 kilowatt hours of clean electricity for the first year of operation and approximately 45 million kilowatt hours over the life of the project. The energy produced by the array is equivalent to planting 198,647 trees or the reduction of driving 5,649,375 miles per year.

"We are excited to be on the forefront of providing clean, renewable energy projects, predictable energy rates and energy education through real solar projects installed on school roofs. Our educators are provided a major opportunity to expand on the existing science curriculum by providing students real examples of solar renewable energy projects right here in Denver," said Jim Faes, Director of Sustainability for Denver Public Schools. The district estimates that it will save approximately $1.1 million during the lifetime of the systems. 

In addition to the construction of the solar arrays, Namasté Solar has also created an educational program for DPS teachers on the science and economics of solar power production, using the solar projects as a real-world example. Each of the 16 schools will have its own monitoring system so students and teacher can track the energy production from the solar arrays.

As part of the innovative public-private financing structure, MP2 Capital assumed the project's financial and operational risks while DPS 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 Public Schools will procure the electricity generated from the system from MP2 Capital for a period of 20 years. The projects at Denver Public Schools will be funded in part by grants made available under Section 1603 of the American Recovery and Reinvestment Act of 2009. Signed by President Obama in February 2009, the Act provides grants which reimburse the renewable energy system owner for a portion of the expense of the installation within 60 days of the project being placed in service.

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

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