January 3, 2011—NuGen Capital Management, LLC and KDC Solar LLC announced they have formed a joint venture, supported by KDC Solar’s commitment from private equity firm Diamond Castle Holdings LLC, to develop, construct, own and operate commercial scale (1 to 10 megawatts) behind-the-meter photovoltaic solar electricity generating systems in New Jersey.
The joint venture’s first project will be installed at White Rose Inc.’s distribution warehouse in Carteret, New Jersey, a building owned by private equity firm KTR Capital Partners.
The 5 megawatt system, to be installed by Solar Power, Inc., is expected to provide a significant portion of the electricity used by White Rose at this warehouse and is one of the largest rooftop commercial solar systems announced in New Jersey to date. Solar Power, Inc. brings significant PV solar engineering, design and construction experience to the project.
“NuGen and KTR have closely worked together to provide a cost-saving solution to its customer, create value for the landlord and improve the environment,” said David Milner, founder and CEO of NuGen. “In New Jersey, we are very pleased to form a joint venture with KDC Solar given its team of seasoned energy professionals. KDC Solar is extremely well respected and focused on one of the most exciting markets for solar systems in the U.S. The White Rose project is a significant accomplishment and a model that we expect to replicate elsewhere.”
NuGen Capital Management was founded in 2009 to develop, own and operate commercial scale solar systems. Working with large scale energy users and real estate owners,
KDC Solar is on track to becoming one of the largest owners and operators of solar power projects in New Jersey and the Mid-Atlantic states by supplying commercial and industrial companies with significantly lower long-term electric costs.
