Agricultural businesses are under a lot of economic pressure. Energy costs continue to rise, while drought conditions require farmers to use more electricity to keep wells and irrigation systems pumping.
A walnut and almond farmer with several thousand acres near Sacramento, California, wanted to reduce his growing electricity costs. He turned to owners representative David Vincent and his team at ACIP Energy to help scope the project and identify a financing partner.
ACIP recommended installing both solar and water efficiency improvements to the farm’s irrigation system. Given the diverse nature of the upgrades and the owners’ multiparty family ownership structure, David turned to Lumina as the only solar financier capable of offering a solution ideally suited to both requirements – The Clean Energy PPA.
Luminia’s Clean Energy PPA can be used to finance solar, energy efficiency, and water conservation improvements. Lumina enabled the farmer to finance both the 694 kW solar system and $500,000 in water improvements at zero upfront cost. Lumina made it possible for this property owner to realize long term savings while significantly enhancing the sustainability of his operations.
The project is projected to save him more than $1 million over the 25 year term of the agreement.