Construction commences for 23.5 MW solar power project at...
KDC Solar LLC, a leading developer, owner and operator of solar power facilities announced today that it has begun construction on a 23.5-megawatt solar photovoltaic system in Jackson, New Jersey. This system will supply Six Flags Great Adventure with clean renewable energy and virtually all its electrical load at the park.
When completed, the project will be the largest net metered solar installation in the State of New Jersey.
The solar facility will produce approximately 30 million kilowatt hours of clean electricity in the first year. Additionally, the environmental benefits of the project will be equivalent to providing power for 2,787 homes for a year or removing approximately 108,000 cars from the road.
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Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity was arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
Alan Epstein, President and CEO of KDC Solar said: “We are very pleased and proud to have been selected by Six Flags Great Adventure for this groundbreaking solar project. We also want to recognize and thank our partners, GoldenSet Capital Partners and Seminole Financial Services, for providing the necessary capital to build this project.”
Bob Banks, CEO of Seminole Financial Services said: “As a company built on a relationship-first philosophy, we’re grateful for the opportunity to work alongside such highly respected organizations as KDC Solar and GoldenSet Capital. We’re honoured to have provided the financing for this monumental project.”
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.