EnSync sells first PPAs, opens up Hawaii
EnSync Energy Systems, the US energy management system company, announced in August the sale of multiple projects in Hawaii to AEP OnSite Partners, a subsidiary of American Electric Power.
The sale of these projects is EnSync Energy’s first transaction of a portfolio of project power purchase agreements (PPAs) and includes a major portion of EnSync Energy’s PPA backlog reported at the end of our third quarter.
The first solar-plus-storage PPA is a watershed moment for Hawaii, which has one of the most aggressive renewable portfolio standards in the US. In June last year it signed into a law a target of using 100% renewable energy for its electricity by 2045.
All of the systems are sited behind-the-meter at condominiums or university campus buildings on Oahu and the Island of Hawaii, and represent the first ever solar plus storage PPAs in Hawaii. EnSync will provide project services through a contract with AEP OnSite Partners.
“We’re very pleased to complete this transaction with AEP OnSite Partners, a recognized leader in renewable energy investments and this sale, which could be the first of its kind in the renewable energy market, provides validation of our PPA business model” says Brad Hansen, chief executive of EnSync Energy.
“When we entered the Hawaiian market with our PPA business model featuring leading energy management and energy storage systems, it was novel and unique in the islands. Since that time our pipeline and backlog of PPAs has continued to build and we look forward to continuing this growth over the coming quarters and years.”
EnSync Energy has built a position in the Hawaiian market, and through its subsidiary company, Holu Energy, has developed a project pipeline in the islands.
These projects are the first integrated solar and storage projects in Hawaii.
In 2015, EnSync incorporated power purchase agreements (PPAs) into its portfolio of offerings, enabling electricity savings for customers and providing a stable financial yield for investors. EnSync is a global corporation, with a joint venture in AnHui, China at Meineng Energy, as well as a strategic partnership with Solar Power.
EnSync was formerly known as ZBB Energy.