OSU solar partner goes bankrupt
The Oregon University System wanted solar power installed at every campus, but the general contractor that was to build the systems went bankrupt last year. Renewable Energy Development Corp., known as REDCO, filed for Chapter 7 bankruptcy on December 30, 2011. REDCO was planning to lease land from each Oregon public university, land adding up to 27 total acres statewide. The company would then build solar arrays on the leased land and sell the power back to the universities in a system expected to save $6 million over 25 years and deliver about 5 megawatts of energy.
The state is looking for a replacement contractor, but did not lose any money in the bankruptcy because REDCO was charged with developing the projects before it got paid. The state hopes to present a new developer to the university system’s board for approval sometime next month.
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