Harborside Inc (CSE: HBOR) is going green. The California-based operator this morning announced that it is in the process of planning a renewable energy project at its 47 acre Salinas production campus.
The project will see the development of an 11 acre solar array, with the array expected to entirely offset the firms energy consumption from energy cultivation. The microgrid itself is expected to amount to 4.9 MW of solar panels, as well as 6 Mwh of battery storage.
When completed, the microgrid is expected to produce 8,600 MWh of electricity on an annual basis, effectively negating 6,095 tons of CO2 emissions. The project is expected to offset the equivalent of 7,467 acres of forest on an annual basis. The battery storage provided by the project meanwhile is expected to provide multiple days worth of backup power, reducing disruptions caused by power outages.
In terms of cost, the project has been fully founded by a third party operator, Scale Microgrid Solutions. With a planned completion of the second half of 2022, the firm will enter a power purchase agreement with Scale Microgrid ahead of project completion, with the arrangement expected to result in energy savings of $12.5 million over 20 years.
The additional benefit to the program is that the firm will be able to avoid the need to purchase carbon credits, which otherwise would be mandatory as of January 1, 2023, resulting in further savings.
Harborside last traded at $0.92 on the CSE.
FULL DISCLOSURE: Harborside Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Harborside Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
