#United States #Pardee Resources #Roanoke #Solar PV #Roanoke Virginia

Pardee Resources Company Invests in Solar Energy for Virginia Schools

Pardee Resources Company (OTC: PDER) has announced a significant investment aimed at expanding its renewable energy portfolio. The company, through its subsidiary Pardee Renewable Energy LLC, is set to invest a substantial $15.2 million in solar power initiatives. This major move involves acquiring a 90% equity stake in four renewable energy partnerships that are on track to install new solar photovoltaic (PV) systems.

These solar installations will take place on the rooftops of nine public schools located in Roanoke, Virginia, showcasing Pardee’s commitment to promoting sustainable energy practices within educational institutions. The total capacity of these systems will reach an impressive 4.6 megawatts (MW), contributing to a more eco-friendly energy solution in the community.

The financial aspect of the investment involves securing $8.3 million through commercial bank loans at the partnership level. Notably, this initiative qualifies for federal investment tax credits, which will be utilized to enhance the financial viability of the project. This strategic approach demonstrates Pardee's foresight in leveraging available incentives to support the adoption of renewable energy technologies.

Implementation Timeline
The solar PV systems are scheduled for installation and expected to be operational during the fourth quarter of 2025. This timeline underscores the company's proactive approach in contributing to local energy needs and educational infrastructure improvements.

Partnership with Secure Solar Futures
Pardee Resources Company is partnering with Secure Solar Futures, a Virginia-based solar development firm, to bring this project to fruition. Carleton P. Erdman, the President and CEO of Pardee, expressed enthusiasm about collaborating with Secure Solar Futures. He emphasized that this partnership will not only add valuable assets to the company’s Alternative Energy Division but also drive forward the cause of renewable energy in public sectors.

Future Projections
While the investment is a strong step toward greener energy solutions, the company also acknowledges that there are various risks involved. Economic conditions and uncertainties could influence the trajectory of this initiative. However, the project holds potential for positive outcomes not just for Pardee Resources Company, but also for the schools and community members benefiting from renewable energy adoption.

Pardee’s commitment to supporting renewable energy showcases the growing trend among corporations to embrace environmentally friendly practices. Investing in solar energy not only provides clean power but also enhances the operational sustainability of the educational institutions involved.

In conclusion, the $15.2 million investment in solar energy installations represents a meaningful commitment to renewable energy, educational improvement, and corporate social responsibility. As Pardee Resources Company moves forward with this initiative, it highlights the importance of strategic investments in alternative energy solutions for a sustainable future.