Green Development LLC, a renewable energy solutions provider in Rhode Island, has announced a net-metering credit agreement with the Rhode Island Convention Center Authority (RICCA). RICCA will purchase, at a discounted rate, the electricity credits produced by one of Green Development’s seven wind turbines located in Johnston, RI, which are scheduled to become operational by year’s end.
“Collaborating on a net-metered credit agreement with Green Development substantiates some very important initiatives for our organization,” said Convention Center Authority Board Chairman Bernie Buonanno, Jr. “We are supporting local business, participating in the green energy plan — which is important to the future of the state — while also offsetting the cost of energy at our facilities.”
Under the 25-year agreement, RICCA will purchase up to 8.3 million kilowatt hours (kWh) per year of wind energy credits generated from a Green Development wind turbine located in Johnston. This is enough green power to supply 1,150 Rhode Island homes.
It is expected that the agreement will result in well over $350,000 in savings in the first year, and if rates rise as expected, the savings will grow. This could provide more than $10 million in savings for RICCA over the duration of the agreement.
“All of the power will be emission-free wind power, contributing to greening the regional electric grid, creating a healthier, more sustainable Rhode Island, and moving one step closer to the state’s goal of reaching 1,000 MW of clean energy by 2020,” said Al Bucknam, CEO, Green Development.
Green Development is currently constructing seven, 3-MW wind turbines in Johnston. Each turbine was procured from VENSYS, a manufacturer of gearless wind turbines, that provides direct-drive technology using permanent magnets to generate electricity, ensuring quiet, low-maintenance operation.