Munich Re, a direct and broker writer of property and casualty reinsurance, will install a 2.5 megawatt solar system on its carport in an effort to reduce annual electricity costs by nearly $500,000. The system also will reduce Munich Re’s annual carbon footprint by an amount equivalent to removing more than 400 cars from the road, according to the reinsurance company.
The materials and installation will be supplied by Trenton-based solar panel maker SunPower Corp. The system is expected to be operational in the second half of 2012.
Bloomberg Financial Corp. recently announced that it will begin construction on an eight-acre, 1.8-megawatt solar power system in the coming weeks. The ground-mounted system is expected to be completed by the end of the year and generate enough power to meet 58 percent of the facility’s electricity demand.
This is the first renewable energy project undertaken by Bloomberg, which plans to develop nearly six megawatts of solar power at its sites in New Jersey within the next three years.
The system will be owned by Solar Star NJ, a subsidiary of Integrys Energy Services of Wisconsin. Solar Star will sell the solar renewable energy credits and environmental attributes associated with the system.
Publishing company McGraw-Hill has announced that it plans to build the largest private solar power generation plant in the western hemisphere at its facility on Princeton-Hightstown Road.
According to the company, McGraw-Hill will invest $60 million in a project that will feed energy to the 50-acre site. The company says the move is to offset the increasing amount of energy it uses for its digital publishing enterprise. In addition, 25 acres of trees will be planted around the site.
The system will be installed in part by Advanced Solar Products of Flemington. New Jersey Resources, a solar firm based in Wall Township, will own and operate the installation, which is, according to the company, expected to generate enough energy to power 1,500 homes.
The company expects the installation to eliminate nearly 13,000 metric tons of greenhouse gases annually.
The project is scheduled to be completed in two phases, the first ending in December and the second next March.
#b#Munich Reinsurance Inc.#/b#, 555 College Road East, Box 5241, Princeton 08543-5241; 609-243-4200; fax, 609-243-4257. Anthony J. Kuczinski, CEO. www.munichreamerica.com
#b#Bloomberg Financial Markets#/b#, 100-101 Business Park Drive, Box 888, Princeton 08542-0888; 609-279-3000; fax, 917-369-3529. Beth Mazzeo, head of global data products. www.bloomberg.com
#b#The McGraw-Hill Companies (MHP)#/b#, 148 Princeton-Hightstown Road, Hightstown 08520-1450; 609-426-5000; fax, 609-426-5170. Thomas Meiers, senior director, corporate human resources. www.mcgraw-hill.com