SunPower to Install Solar Parking Canopy for Cabot Corp.
- Nov 19, 2018
Cabot Corp. has reached an agreement with SunPower to have the latter install a 1.1-megawatt solar project paired with a 470-kilowatt (940-kilowatt hour) integrated energy storage system at Cabot’s Business and Technology Center in Billerica, Mass. The action marks Cabot’s first commitment toward long-term sustainability, while also adding to the state’s renewable energy commitments.
Cabot is financing the Helix solar-plus-storage project through a power purchase agreement arranged by SunPower, which allows Cabot to buy energy at competitive prices and hedge against future utility rate increases. The project will also be supported by the new Solar Massachusetts Renewable Target program, established by the Massachusetts Department of Energy Resources to encourage development of solar in the state.
The integrated solar parking canopy is scheduled to begin construction in the summer of 2019. It will feature high-efficiency SunPower solar panels installed across multiple solar parking canopies and is expected to produce enough electricity to offset about 20 percent of the facility’s energy needs. Consequently, the initiative will reduce Cabot’s grid energy costs. The energy storage system will provide additional savings by decreasing electricity demand charges during peak hours.
“We’re thrilled to bring this project to one of our main hubs for technology innovation, as this investment helps demonstrate the value of renewable energy while also delivering the added benefit of providing solar parking canopies and automobile charging stations for our employees,” Karen Rankin, director of sustainability and regulatory affairs with Cabot Corp., said in prepared remarks.
“More corporations across the U.S. are choosing solar to cost-effectively meet electricity demand, and SunPower’s complete Helix solar and storage solutions are designed to maximize value for these customers,” added Nam Nguyen, SunPower executive vice president, commercial Americas.
Image courtesy of SunPower