Benzinga | Aug 26, 2021 08:05AM EDT

Sunworks Reports Will Provide 752.4 Kilowatt Solar System For UC Davis' Orchard Park Student Housing Project, No Terms Disclosed

Sunworks, Inc. (NASDAQ:SUNW), a provider of solar power and battery storage solutions for residential, agriculture, commercial, industrial, and public works markets, today announced that it has signed an agreement with CBG Building Company to provide a 752.4kW carport solar system for Orchard Park, a 1,549-bed student housing project on the University of California, Davis (UC Davis) campus.

"California is the nation's leader in deploying clean, renewable energy, a trend that is accelerating rapidly," commented Gaylon Morris, Chief Executive Officer of Sunworks. "The University of California system is an active participant in that effort. Utilizing the real estate and supporting infrastructure of the project, such as covered parking structures, to deploy solar fixtures is a great way to reduce energy costs and enable the generation of clean, renewable power. Sunworks is an expert in the design, deployment, and integration of solar energy generating systems and we are excited to work with CBG Building Company and the entire Orchard Park Team on this important project."

The Orchard Park project is being delivered as a public-private partnership (P3) real estate development. The entire cost of the project was financed with project-based, tax-exempt bond financing issued to a national nonprofit organization, Collegiate Housing Foundation (CHF), who will also be the owner of the project improvements over the term of the bond financing, via a ground lease from the University. Michaels Student Living, a division of The Michaels Organization (TMO) is the developer of the project. Once operational, the facility will be managed by TMO's Michaels Student Living Management, with UC Davis - Student Housing and Dining Services providing marketing, leasing and on-site student support services.

"Together with Sunworks, CBG & TMO will help UC Davis reduce its carbon footprint as well as its energy costs, giving the residents of Orchard Park clean, renewable, cost-effective energy," commented Sean Kelly, Senior Project Executive at CBG Building Company. "This relationship with Sunworks is an integral part of our collaborative design-build effort with the project developer and the facility owner."