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The solar installation is being done at the California Department of Forestry and Fire Protection training facility in Ione, California.
EnSync (NYSEA:ESNC) on Tuesday (August 7) announced it has sold its 600-KW solar project with a 20-year power purchase agreement (PPA) to Standard Solar.
The company noted that the PPA is with the California Department of Forestry and Fire Protection (CAL FIRE) and that the solar installation is being done at the CAL FIRE training facility in Ione, California.
“The CAL FIRE solar PPA marks an important milestone for EnSync Energy as our first large project sale in the state,” Brad Hansen, CEO of EnSync said in the press release. “We are proud to build on our record of deploying holistic DER and financing solutions in this key market, while also supporting an agency that fights wildfires in California.”
EnSync’s installation will consist of a solar system over the roof of the classrooms at the facility and a solar canopy that is intended to keep the parked cars cool at the parking lot over which the company plans to deploy the unit.
The company said that the installation will generate clean energy while reducing the heat and that the project will contribute towards the 2012 executive order by Governor Jerry Brown which regulates State buildings to reduce grid energy purchases.
The executive order by Governor Brown also mandates the state buildings to reduce greenhouse gas emissions by at least 20 percent by 2020 as per a 2010 baseline.
EnSync is expecting the construction of the installation to be completed in 2018.
“Costs often remain a barrier to adopting solar, and this PPA offers a win-win solution that facilitates deployment of renewable energy,” Standard Solar president and CEO Scott Wiater said in the press release.
Following the announcement, EnSync was down 0.50 percent and closed the trading session on Tuesday at US$0.3390. The stock had a trading volume of over 62,000 shares in the day.
EnSync has a Moderate Buy ranking on TipRanks with an analyst target price of US$1.50. On TradingView, the stock has a Strong Sell ranking with 16 verticals against and 10 in neutral.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.
