Vertically integrated cannabis company Harborside Inc. (CSE:HBOR) (OTCQX:HBORF) announced Tuesday plans to install an onsite renewable energy microgrid, which is expected to include 4.9 MW of solar panels and 6 MWh of battery storage tied to advanced systems and load management controls at the company’s 47-acre production campus in Salinas, California.
The system, which should be up and running at the end of 2022, is expected to produce roughly 8.6 million kWh of electricity each year – enough renewable energy to offset up to 100% of Harborside’s current power consumption at its production campus.
The project seeks to negate approximately 6,095 tons of atmospheric CO2 emissions per year, according to figures provided by the US Environmental Protection Agency’s greenhouse gas equivalencies calculator.
It is expected to cover approximately 10 acres of the weed production campus.
Vertically integrated distributed energy company Scale Microgrid Solutions agreed to install and fund the project entirely.
Harborside also said it will enter into a power purchase agreement with Scale Microgrid in the first half of 2022, which is expected to lower operating costs with an estimated cumulative net energy savings of more than $12.5 million over 20 years.
Tom DiGiovanni, the company’s CFO, said he is excited that Harborside is launching an industry-leading renewables project, in addition to being able to power its production campus with just the sun.
“When it becomes fully functional next year, it is expected to be the largest renewable energy project in the entire US cannabis industry, and will be a great example of how the industry can become more sustainable, more efficient, and more profitable,” DiGiovanni said.
Benzinga Cannabis Capital Conference
Apart from DiGiovanni, the conference will feature top CEOs, investors, and leaders in the cannabis space.
Tickets are still available for both the in-person and virtual versions of the conference.
Harborside’s shares traded 1.99% lower at $0.7253 per share at the time of writing Tuesday.