Mondial Energy Signs WoodGreen Community Housing Inc. to Solar Thermal
Mondial Energy is pleased to announce that WoodGreen Community Housing has agreed to purchase renewable thermal energy under a 10-year Power Purchase Agreement. A custom-designed solar thermal installation will be paid for, owned and operated by Mondial Energy at WoodGreen's 170-unit social housing site at 1070 Queen Street East in Toronto. WoodGreen Community Housing will pay for the solar thermal energy delivered to the building at a rate favorable to the natural gas displaced.
The solar thermal array will consist of 108 glazed flat plate collectors totaling 324 square meters in size. The collectors are expected to displace 32,000 cubic meters of gas annually, thereby reducing greenhouse gas emissions by 53 tons per year. Annual energy production from the array is expected at 201,961 kWh, and will be used to offset natural gas consumption for heating of domestic hot water. Taylor Munro Energy Systems of Vancouver has been retained to design and install the solar array.
"We are pleased to provide WoodGreen Community Housing with an economical and sustainable alternative to traditional power sources," said Patty Hargreaves, Vice President of Business Development. "By signing a Mondial Energy Power Purchase Agreement, WoodGreen will be able to reduce their exposure to rising energy rates while at the same time demonstrate their commitment to the environment. We look forward to a lasting relationship with them."
"Mondial's efforts to promote renewable and affordable energy ties in well with WoodGreen's mission of promoting wellness and self-sufficiency. With Mondial, WoodGreen is able to enjoy the benefits of solar energy without the upfront capital cost, thereby allowing us to use our limited capital resources on other important services for our clients," said Brian Smith, President and CEO of WoodGreen.
Mondial Energy Inc.
is a private company with over 50 shareholders formed in 2004 to fund and own renewable energy generating assets and to sell the generated energy. Mondial has signed Power Purchase Agreements and Letters of Intent in Canada, United States, Aruba and Jamaica for non-profit housing, hotel, and casino customers.
WoodGreen Community Housing
is an alternative housing provider and manages six non-profit housing locations in East Toronto, providing over 600 individuals and families with affordable housing. WoodGreen's tenants are people with low incomes, including youth, seniors, newcomers, people with disabilities, psychiatric survivors and people who have a long history of homelessness.
Taylor Munro Energy Systems is a leading Canadian solar heating manufacturer based in Vancouver. Established in 1995, with an installed base of award winning systems, its mission is to improve the sustainability of Canada's energy use by providing reliable, cost effective solar heating systems.
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