The partnership takes advantage of Colorado's new, net metering program and supports the University's decarbonization goals
BOULDER, Colo., July 23, 2024 /PRNewswire/ -- Pivot Energy, a leading, national renewable energy provider and independent power producer and the University of Colorado Boulder (CU Boulder), have reached a 5 megawatt dc (MWdc) virtual net metering agreement. Under the 20-year subscription agreement, Pivot will develop an off-site net metering solar project in Weld County, which it will own and operate.
CU Boulder is taking advantage of virtual net metering, an innovative new program made possible by Colorado Senate Bill 21-26 in 2021, which enables organizations to benefit from the energy produced by offsite solar installations. The University will utilize solar power generated by the offsite net-metering solar project, without needing to install solar onsite. The offsite solar project feeds directly into the electric grid, with CU Boulder receiving credits for the renewable energy produced on its electric bills.
Additionally, 100% of the project's Renewable Energy Credits (RECs) from the offsite solar project will be transferred to CU Boulder, helping the university advance its goals to reduce its Scope 2 greenhouse gas (GHG) emissions 50% by 2030 and achieve carbon neutrality by 2050.
"Pivot Energy is excited to partner with a renowned university like CU Boulder on this impactful clean energy project that brings more solar power to Colorado," said Mat Elmore, SVP of Strategic Accounts at Pivot Energy. "CU Boulder illustrates how colleges and universities can be leaders in helping advance the clean energy transition."
This is Pivot Energy's first solar project and collaboration with CU Boulder.
"The Pivot Energy agreement is an important step for CU Boulder in the sustainability realm," University of Colorado Boulder Chancellor Justin Schwartz said. "We are pleased to be an inaugural subscriber under the innovative policy passed into law in Colorado to expand Colorado's solar resources and demonstrate continued leadership in the energy transition. Sustainability – in our research, teaching and operations – is one of my top priorities as chancellor, and I am thrilled that this agreement is one of the first big projects I have the pleasure of sharing with our campus community and fellow Coloradans."
The project is expected to be completed in early 2026 and will produce an estimated 9.5 million kilowatt-hours (kWh) of solar energy annually, the equivalent to powering more than 850 homes and taking 1,580 passenger cars off the road for one year. Laid end-to-end, the project's solar panels are enough to fill four football fields.
About Pivot Energy
Pivot Energy is a renewable energy provider and independent power producer that develops, finances, builds, owns, and manages solar and energy storage projects. Pivot leverages its renewable expertise to provide a range of unique offerings that accelerate the clean energy transition by helping companies and communities attain impactful decarbonization. Pivot is a U.S.-based Certified B-Corporation that proudly follows a corporate strategy aimed at providing a positive impact on society as measured by Environmental stewardship, Social leadership, and responsible Governance factors. Pivot Energy is an ECP portfolio company. Learn more at pivotenergy.net.
Contact:
Kate Laursen
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SOURCE Pivot Energy
