Floating Solar on GridShare

Floating Solar

minimum investment: $100.00

Sonoma, CA

The largest floating solar project in North America

Floating on water, this 1.2 MW solar project in wine country (Sonoma County, California) is part of nearly 20 MW of floating solar projects awarded to Pristine Sun.  This marks the largest floating solar project in North America.  This project, on the Oceanview Water Treatment pond in central Sonoma County, is the first to start construction.  The first phase of 10 kW was installed by Pristine Sun in the summer of 2016, and will be expanded 120 times to 1.2 MW DC.  There is a 25-year PPA with the water utility, Sonoma County Water Authority, the discretional permitting is complete, and engineering is over 70% complete.  All that's missing is the capital to finish construction and some more engineering and development work.  This project pro forma estimates a 15% after-tax leveraged IRR (internal rate of return).  We're seeking members to join the Company!

Funding target: $250,000 by 2/2/2018

Title III: Equity

Minimum investment: $100

Category:

The project is a solar photovoltaic project that is designed to float on water for over 40 years.  Floating solar has many benefits.  in addition to producing clean, renewable energy, it also reduces evaporative losses by up to 90 percent and inhibits algal growth.  In addition, the cooling effect of the reservoir increases electricity output by as much as 5%!  It’s a great alternative to covering reservoirs with a cap.  The panels are also washed daily with an automatic pump using the water in the reservoir.  How cool is that?

All of the output from the Project will be sold to the Sonoma County Water Agency, a municipal entity with a credit rating of Aa1 by Moody’s (making our customer “Investment Grade”), under a 25-year power purchase agreement.  All of the discretionary permitting for the Project is completed, and engineering is 70% complete.  While the location is innovative, the engineering is straightforward and does not pose additional risks to the Project.  The project uses conventional solar panels (from Canadian Solar along with solar panels already in inventory from our sponsor Pristine Sun), and conventional aluminum rooftop racking on top of the FloatoRack floating solar sytem (patents pending) designed by FloatoRack Corporation, a Silicon Valley based company with strong engineering and solar project development and financing experience.  The FloatoRack has completed a full wind-tunnel test and one of the top marine engineering firms in California (Noble Consultants) has designed the anchoring, structural, wind load and mooring elements of the system.  Please refer to the Prospectus for additional details.