By Nic Corbett/The Star-Ledger
The aging roof of Ramapo College’s main academic building was in need of repair, and the college needed millions of dollars to fix it.
Instead of borrowing the money, the 6,000-student public college in Mahwah is partnering with a private company on a $23 million re-roofing project.
In exchange, the companies will install a 5-megawatt solar panel system on the new roof, on carports and on berms along Route 202, and then sell back the generated electricity to the college.
National Energy Partners in Mount Vernon is financing the project, and Amberjack Solar of Oakland is doing design and operation, while another firm does the installation.
“It was a great advantage of not having to cover the capital costs with borrowed money or our own reserves,” said college president Peter Mercer.
The project, approved by the Economic Development Authority last week, the third such partnership advancing under the New Jersey Economic Stimulus Act of 2009. The law allows state and county colleges to bypass public bidding laws and hire a developer to finance construction and operation of campus facilities.
The law expires February 1, but colleges in the state are supporting a bill carrying an 18-month extension that moved out of the Senate Economic Growth Committee Monday.
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