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On behalf of Washington Metropolitan Area Transit Authority (WMATA), I would like to welcome you to our investor relations website. We appreciate your interest and investment in bonds issued by WMATA, as it allows us to make critical investments in public infrastructure throughout the DC Metro area. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.
I hope you find this website useful as you seek to better understand the credit fundamentals of WMATA. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in our bond program.
Dennis Anosike, Chief Financial Officer
Creating a more resilient, sustainable future will require businesses, governments and citizens to work together to find innovative solutions. JLL, the Washington Metropolitan Area Transit Authority and SunPower are working together in a private-public partnership that will create one of the largest community solar power projects in the U.S. By attaching solar power arrays across 17 acres of its parking lots and garages, Washington Metro can supply 12 MW of clean power to 1,500 homes in the Washington DC area. It will also provide the transit authority with $50 million of revenue over a 25-year period, demonstrating an innovative approach to sustainable solutions. Produced in partnership with JLL.
Metro has reached a deal worth up to $50 million over 25 years with SunPower Corp. and Goldman Sachs Renewable Power LLC (GSRP). The plan is to install solar paneled carports or canopies over surface lots and above parking garages at four rail stations. The four sites will have a combined 12.8 megawatts of electrical capacity, making this the largest community solar project in the National Capital Area and one of the largest in the nation. Under the agreement, SunPower will install photovoltaic solar panels at Anacostia, Cheverly, Naylor Road, and Southern Avenue stations at no cost to Metro. GSRP will own the solar power system and provide annual payments to Metro through 2047. This will ensure a long-term revenue stream that will support our operations. This project advances the region’s sustainability goals while generating revenue to help keep Metro safe and affordable in an increasingly tight-budget environment.
Solar panels capable of powering 1,500 homes will soon be installed at four Metro-owned facilities. In a request for proposals (RFP) issued today, Metro is offering a 15-year solar ground lease to develop and operate solar photovoltaic (PV) power systems on surface and rooftop parking lots at Anacostia, Cheverly, Naylor Road and Southern Avenue stations.
“Offering these Metro-owned sites for use as solar power stations will advance Metro’s commitment to sustainability while generating new revenue to support transit services and keep fares affordable,” said Metro General Manager and Chief Executive Officer Paul J. Wiedefeld.
The solar panels will be owned, operated, installed and maintained by a solar energy provider at no cost to Metro or taxpayers.
Metro’s surface and rooftop parking garages provide optimal exposure for solar power, offering a rare opportunity in the Washington Region to generate up to 15,000,000 kWh of renewable energy annually, enough to power 1,500 single family homes for one year.
Installing new solar canopies will benefit Metro’s parking customers by providing shade and snow protection for the top level of parking garages, along with lighting improvements.
Solar panels are expected to be installed and supplying renewable energy by late 2020 or early 2021.