RICCA enters into 25-year virtual net metering agreement with Green Development

RHODE ISLAND CONVENTION CENTER AUTHORITY has eneterd into a virtual net metering agreement with Green Development LLC to purchase up to 8.3 million kilowatt hours per year of clean wind energy credits.
RHODE ISLAND CONVENTION CENTER AUTHORITY has eneterd into a virtual net metering agreement with Green Development LLC to purchase up to 8.3 million kilowatt hours per year of clean wind energy credits.

PROVIDENCE – The Rhode Island Convention Center Authority has entered into a virtual net metering agreement to buy discounted electricity credits from Green Development LLC from one of its seven wind turbines in Johnston scheduled to become operational by year’s end, Green Development announced Thursday.

In a 25-year agreement, RICCA will purchase up to 8.3 million kilowatt hours per year of wind energy credits. Green Development estimates the deal will result in approximately $350,000 in the deal’s first year. The estimated savings were calculated from current net metering rates.

The turbine is one of seven three-megawatt wind turbines located on the property of 116 Shun Pike in Johnston.

“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. in a statement. “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.”

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Virtual net metering, approved by the R.I. General Assembly in 2016, allows entities to offset on-site energy costs with credits accumulated from electricity generated off-site and sold back to National Grid PLC, the state’s largest utility.

The construction of the turbines has already broken ground, but no specific operation date has been determined yet.

Chris Bergenheim is the PBN web editor.

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