Campbell Soup Company (NYSE:CPB) announced plans to build photovoltaic solar array that will provide roughly 15% of the electricity needs at the company’s largest plant in Napoleon, Ohio.
BNB Napoleon Solar LLC of Exton, PA, will finance, build and own the 9.8-megawatts (MW) solar power system and sell the output to Campbell’s under a Power Purchase Agreement.
Over 20 years, Campbell’s expects save up to $4 million dollars in electricity costs, based on U.S. Department of Energy projections for the cost of electricity in Northwest Ohio. The project will also eliminate approximately 250,000 metric tons of CO2 greenhouse gas emissions in the region.
BNB is now in final contract negotiations with SunPower Corporation (Nasdaq: SPWRA) for the engineering, procurement and construction of the project. FirstEnergy Solutions will purchase the Solar Renewable Energy Credits from the project.
In October the Ohio Enterprise Bond Fund agreed to issue $10.5 million in bonds to finance a portion of the Project.
"This project represents the beginning of a strong future for on-site renewable power generation among major U.S. corporations," said Matthew Baird, a principal and founder of BNB Renewable Energy Holdings. "Campbell is at the forefront of large energy users who are taking action to help communities better meet their peak energy needs."
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i dont see how the numbers work, how can this project pay for itself