Sidwell Friends School Uses Innovative Bond Financing

Bethesda, MD (July 23, 2010) -  National solar installer, groSolar, will take to the roof of Sidwell Friends Lower School in late July to install a solar power system that will provide electricity for the school. The installation is the culmination of a year-long development project, led by groSolar, Sidwell Friends, and Common Cents Solar, a community-based organization that encourages solar installations in the Washington, DC area.

At a time when America is reeling from coal-mine and oil spill catastrophes, Sidwell Friends is setting an example for the rest of the nation by moving toward a clean energy future, says groSolar CEO Jeff Wolfe.

Since it opened the world's first LEED Platinum K-12 school building, Sidwell Friends School has been recognized as a leader in green buildings and environmental education. The innovative financing approach used for this project shows that solar power is a strong investment opportunity as well as a sustainable solution for America's energy needs. The School and Common Cents Solar are marketing solar bonds to parents, friends, faculty and alumni of Sidwell Friends. Investors in the Friends Solar Fund are purchasing bonds in increments of $5,000 to collectively own the solar system. The School will provide roof space and will purchase the solar generated electricity from the group at fixed rates that protect it against inflating energy costs, says Ketch Ryan of Common Cents Solar. After the system is fully paid off, the community investors will convey the system to the school as a charitable deduction.

Each investor becomes a part of a community-supported sustained effort to change the course of environmental degradation - one building at a time. The 27.6 KW system, consisting of 120 PV solar modules, will generate 3,000 kWh per month, which is the equivalent of powering five homes. Per year, the system will offset nearly 40,000 pounds of CO2, 940 gallons of gasoline, or 20 barrels of oil. We think it is important to not only talk about environmental solutions, but also to demonstrate them. This gives students a sense of hope for the future and for their own ability to bring about change to the world in which they live, says Mike Saxenian, CFO and Asst. Head of School, Sidwell Friends School.

Installation of this solar system reflects our commitment to environmental stewardship. This commitment is based in our Quaker values, and is one of four cornerstone values of the School. The installation will be mounted on the flat roof of the school's gymnasium, and is expected to be completed by the last week in August, in time for the start of the 2010-2011 school year.