N.C. College To Reap Financial Benefits Of New Solar Project

Rowan-Cabarrus Community College, the Rowan-Cabarrus Community College Foundation and ReNew Petra have announced the construction of a 1 MW solar photovoltaic plant in Rowan County, N.C.

The solar project is expected to be completed at the end of this month. Contributing to the college’s mission to lead the educational and local community in more sustainability practices, the solar farm will raise approximately $40,000 annually in solar-generated revenue. The project will also allow Rowan-Cabarrus students the opportunity to partake in on-site demonstrations, meet with solar executives and monitor real-time energy generation.

“This is more than a sustainable photovoltaic system,” says Dr. Carol Spalding, president of Rowan-Cabarrus Community College. “Once connected, the funds raised from the energy produced will create a consistent income stream for our foundation that will provide funding to support many educational initiatives for years to come. We truly appreciate the work ReNew Petra has done to help us make this unique partnership a reality.”

To bring the project to fruition, according to the college, a public-private partnership was made possible by a significant donation from local philanthropists Fred and Alice Stanback, ReNew Petra’s willingness to buy down the cost of the project using tax equity, and Rowan-Cabarrus Community College’s dedication to sustainability.

ReNew Petra will provide engineering, procurement and construction services, as well as operations and maintenance, after commissioning. ReNew Petra will initially own the asset, giving power-generation revenues and ground-lease payments to Rowan-Cabarrus Community College to fund programs such as student scholarships and professional development.

“We are proud to partner with Rowan-Cabarrus Community College and its foundation on the school’s first public-private partnership,” says Wayne Marshall, managing director at ReNew Petra. “This project perfectly aligns with our company’s values to focus on more of the benefits of renewable energy such as low-cost power, while coupling with the college’s commitment to provide a world-class education experience to positively impact communities.”