January/February 2024 - 25

PROJECTS OF THE YEAR SUSTAINABILITY
Financial Viability and
Strategic Planning
The financial aspect of the project was
strategically managed, leveraging state
and federal incentives. The approach
reduced the airport's financing burden,
highlighting the project's financial viability
and resource utilization. The project's
impact extends beyond the airport,
benefiting tenants like StandardAero,
who can now boast operations powered
by 100% renewable energy.
Balance Solar provided a financing
role to the project to offer about $1.3
million in savings to the project via a
prepaid solar agreement, while covering
the cost of the insurance and maintaining
the system for seven years.
Zack Kearnan, Owner of Balance
Solar, said the company provided additional
savings to the project via its connections
to tax equity investors as well.
" This project was 2.88 MegaWatts DC,
so we were able to utilize our institutional
investors, " he said. " Larger projects are
generally easier because the appetite for
those credits is much higher. "
The completion of the solar project
at SPI is not just a milestone in sustainable
airport infrastructure but a blueprint
for future renewable energy initiatives.
Hanna's integration of his experience
in aviation and energy played a pivotal
role in the project's seamless planning
and implementation.
With a break-even point within the
20-year loan period and substantial longterm
revenue projection, the project sets
a precedent in balancing economic and
environmental interests. As Hanna aptly
noted, the project is not just an environmentally
friendly energy source but
a significant economic driver, retaining
jobs and strengthening relationships with
key stakeholders like StandardAero.
The solar system in Springfield isn't
the last innovation planned for the
airport to tackle sustainability.
In recent years, SPI completed significant
projects to update external and
internal lighting with LED technology,
replaced aged HVAC and mechanical
systems with more high-efficient units,
updated plumbing fixtures to conserve
water and installed solar thermal collectors
to assist with the hot water supply
at the terminal.
Hanna said more solar collection
facilities for electric generation are being
contemplated along with EV charging
stations that will hopefully be supplied,
in part, with renewable power sources.
" The airport just initiated a Smart
Airport and Regional Logistics Planning
Study that will further explore options
for an on-airport microgrid as we plan
for our future power needs and the
expected proliferation of the electrification
of aircraft powerplants, " he said.
Abraham Lincoln Capital Airport, Springfield, IL
Airport Business 2024 Project of the Year
Municipal and nonprofit solar financing
Zkearnan@balancesolarpower.com
(847) 609-0763
Simplifying and Accelerating
Your Energy Transition
As a trailblazer in renewable solutions,
we proudly serve airports nationwide,
transforming the future of aviation
with our innovative approach to facility
improvements and decarbonization.
www.balancesolarpower.com
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January/February 2024

Table of Contents for the Digital Edition of January/February 2024
