Air Products to Build Solar Farm
According to Zacks Equity Research, Air Products & Chemicals Inc. plans to build a 12-acre solar farm at its corporate headquarters in Allentown, capable of generating 2 MW of electricity. The 2 MW is enough to serve the energy needs of nearly half of Air Products'' administration buildings. The project is expected to begin construction this fall and be on stream in 2011. Air Products has been supplying critical gases and materials to photovoltaic (PV) manufacturers, who make solar panels for many years as part of its leadership in the electronics industry, and more recently, has been focusing on reducing PV manufacturing costs with its broad SunSource Solutions offerings. The solar farm is made possible through investment by Air Products and a $1 million grant from the Commonwealth of Pennsylvania as part of its 2008 Alternative Energy Funding Bill. By utilizing the 2MW of renewable power, Air Products reduces its dependence on purchased electricity, thereby lowering its carbon dioxide (CO2) footprint by more than 1,000 tons per year. In June 2011, the company at an Investor Conference announced new financial targets for 2015 to take the company to a new level of performance.