PSM Cypress Hill Solar Project
The PSM Cypress Hill Solar Project (“Project”) will be a 144 kW solar photovoltaic project located at Cypress Hills Cemetery, Inc., which is also purchasing the power produced by the Project. Solar Energy Systems, LLC (“SES”) is the developer and will be the engineering, procurement and construction (“EPC”) contractor, and the operations and maintenance (“O&M”) contractor for the Project. Over the 20-year term of the project, the Project is expected to reduce carbon emissions by an amount equivalent to using over 250,000 gallons of gasoline, the electricity used by 15 homes, or the carbon sequestered by 92 acres of forest.
Project Company and Security Issuer
PSM Solar NY 2 LLC
Estimated Annual Production
163,000 kWh in Year 1
Over the 20-year term of the project, the Project is expected to reduce carbon emissions by an amount equivalent to using over 250,000 gallons of gasoline, the electricity used by 15 homes, or the carbon sequestered by 92 acres of forest.
Solar Project Host and Power Customer
Cypress Hills Cemetery, Inc. provides a non-sectarian cemetery for burial or cremation of human remains and also provides perpetual care of the graves. Cypress Hills Cemetery, located at 833 Jamaica Avenue in Brooklyn, NY was dedicated in 1848, the year of the Gold Stampede to California. It was the first cemetery in Greater New York to be organized under a law that is internationally recognized as “America’s contribution to the civilized burial of the dead.”
The Cemetery spans 225 acres and features two three-story mausoleums, Cypress Hills Abbey built in 1931 and Memorial Abbey built in 1936. Throughout the past 160 years, burials took place in all corners of the Cemetery. Today, internments are made throughout the cemetery careful not to disturb those areas of significant historical value. Notable burials, include Elizabeth Jennings Graham, a 19th century teacher and civil rights activist, James McCune Smith, the first African-American to earn a medical degree in the U.S., Charlotte E. Ray, the first female African-American attorney in the U.S., Mae West, the famous actress and playwright, and Jackie Robinson, the Baseball Hall of Famer and first African-American to play in Major League Baseball.
Private Securities Market LLC is co-developing the Project with Solar Energy Systems LLC (“SES”) which is described further below. The Private Securities Market LLC team has developed over 40 MW of solar projects across the New York and New England and is experienced in all aspects of development including site origination, permitting, interconnection, power purchase and lease agreements, and solar incentives.
EPC Contractor and O&M Contractor
SES will also be the EPC Contractor and O&M Contractor for the Project. Founded in 1998, SES is a leading integrator of commercial solar projects in the Northeast. SES has installed and maintains almost 20 MWs of solar projects and has twice been recognized for Outstanding Performance the New York State Energy Research and Development Authority (NYSERDA). It is the first clean-tech investment by the New York City Investment Fund (NYCIF.org), a private fund with a civic mission.
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