Rhode Island based renewable energy solutions company to provide energy from newly constructed wind turbine in net metering agreement
North Kingstown, RI – February 21, 2018 – Green Development, LLC, a Rhode Island company and leader in renewable-energy solutions, is pleased to announce a large-scale net metering credit agreement with the Rhode Island Convention Center Authority (RICCA), under which Rhode Island’s largest entertainment complex will fund renewable energy while realizing significant energy cost savings. RICCA will purchase, at a discounted rate, the electricity credits produced by one of Green Development’s seven wind turbines located in Johnston, RI, which are scheduled to become operational by year’s end.
“Collaborating on a net metered credit agreement with Green Development substantiates some very important initiatives for our organization,” said Convention Center Authority Board Chairman Bernie Buonanno, Jr. “We are supporting local business, participating in the green energy plan, which is important to the future of the state, while also offsetting the cost of energy at our facilities.”
Under the 25-year agreement, RICCA will purchase up to 8.3 million kilowatt hours (kWh) per year of clean wind energy credits generated from a Green Development wind turbine located in Johnston. This is enough green power to supply 1,150 Rhode Island homes. The agreement will result in well over $350,000 in savings in the first year, and if rates rise as expected, the savings will grow. This could provide more than $10 million in savings for RICCA over the duration of the agreement.
“Furthering our goal to provide Rhode Islanders with innovative renewable energy solutions, we are proud to partner with an iconic Rhode Island institution like the RICCA,” said Al Bucknam, CEO, Green Development. “All of the power will be emission-free wind power, contributing to greening the regional electric grid, creating a healthier, more sustainable Rhode Island, and moving one step closer to the state’s goal of reaching 1,000 MW of clean energy by 2020.”
Green Development is currently constructing seven, three-megawatt (MW) wind turbines in Johnston. Each turbine was procured from VENSYS, a leading manufacturer of gearless wind turbines, that provides direct-drive technology using permanent magnets to generate electricity, ensuring quiet, low-maintenance operation.
Green Development is playing a leading role in diversifying and reducing the cost of Rhode Island’s energy portfolio, providing renewable energy savings to public entities and non-profit institutions, while offering farmers, landowners, and municipalities lease and tax income for decades. The Company now has over 250 MW of renewable energy projects in development with 55 MW estimated to be on-line by the end of 2018, and continues to innovate in developing a sustainable economy by delivering financial value, enhanced-energy security and cleaner air for Rhode Island’s future.
About Green Development, LLC:
Green Development was created in 2009 with a focus on building healthy, sustainable and thriving communities in Rhode Island and across the northeast region. The company focuses on delivering large-scale renewable energy solutions, including wind, solar, biomass and storage. Green Development currently has 26 MW of renewable energy deployed in Portsmouth, North Kingstown, Coventry, and Richmond, with additional turbines, solar and biomass plans in development statewide.
Green Development is boosting local economies through transforming and diversifying Rhode Island’s energy portfolio. Experience in development, construction, finance, legislation and logistics allows Green Development to expertly create sustainable solutions to each client’s needs. The company is also a leader in commercial site construction solutions, with full equipment inventory and labor resources. We partner with landowners, government and non-profit entities to customize solutions that meet their needs. For more information, please visit www.green-ri.com.
About RICCA, Rhode Island Convention Center Authority:
Located in the heart of downtown Providence, the Rhode Island Convention Center Authority operates the Rhode Island Convention & Entertainment Complex, which includes the Rhode Island Convention Center (RICC), Dunkin’ Donuts Center (DDC), Veterans Memorial Auditorium (The Vets), and two parking garages. The Authority, governed by an eleven-member board of commissioners, works with several marketing partners to book its facilities, including SMG, which manages the DDC and RICC, Professional Facilities Management (PFM), which manages The Vets, PSE Agency (PSE), the exclusive sales & marketing agent of all three facilities, and the Providence Warwick Convention & Visitors Bureau (PWCVB).
The Authority and its staff strives to provide the community with world-class concerts and family shows, high-profile sporting events and amazing conventions and tradeshow. The staff prides itself for outstanding service for event planners and promoters, while also maintaining a safe, clean and professional environment.