Green Development Says Renewable Energy Proposal Could Save Coventry $19M Over 25 Years

Green Development Says Renewable Energy Proposal Could Save Coventry $19M Over 25 Years

In the midst of Coventry’s economic upheaval, RI’s largest onshore renewable energy company Green Development says it is offering the town a potential economic lifeline.

Voters in Coventry rejected the town's proposed budget and as a result, the School Department is warning of teachers' layoffs and cut back to programs including sports. The town is voting on a revised budget on Thursday.

In May of 2018, GoLocal published a comprehensive story about a growing number of issues facing the Town of Coventry.

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In a letter last week to Coventry Town Manager Edward Warzycha, Mark DePasquale, founder and chairman of Green Development has reiterated an offer originally rejected by the town in 2012 that could provide over $19 million in energy savings over the next 25 years.

“We like to support cities and towns where our projects are located. And we would like to provide much needed financial assistance to the Town of Coventry during this time of crisis with their budget, said DePasquale.  Although the offer was rejected in 2012, we will honor the original offer as a gesture of goodwill.”

Green’s initial offer was a response to a town RFP in 2012. The original RFP posted by the Town of Coventry included the town and school department for a combined total of approximately 8 million kWh.

Then, the School Department decided not to participate in the savings proposal and only the town moved forward with Green to purchase 1,200,000 kWh of renewable energy. Since then, the state’s renewable energy landscape has dramatically evolved, and the former offer has proven to be a very favorable proposal for any municipality, according to Green Development.

By purchasing 8 million kWh worth of net‐metering credits from Green under the 2012 proposal, the town and schools are estimated to save approximately $456,000 in Year 1 and $19,017,083 over 25 years, says the company.

To date, no municipal project has been awarded in Rhode Island that could save the town more than Green’s fixed price offer. Despite the fact that Green could sell power at a higher rate to other buyers, Green will honor its original proposal to the town and schools with this fixed price proposal.

“As the town addresses their budget crisis in the coming weeks, we want the council to understand this offer is on the table and we hope they will take a serious look at it,” added DePasquale.