New York – August 15, 2023 – CleanCapital, a diversified clean energy company focused on middle-market solar and storage, today announced it has closed on a portfolio of new construction community solar assets from EDF Renewables in Upstate New York. The portfolio includes three 6.7-megawatt (MW) projects—all of which are expected to complete construction this month—along with a 6.4 MW project on a former landfill that will commence construction later this year. Once in operation, the solar sites will deliver low-cost, renewable electricity to the communities of Herkimer, St. Lawrence, and Oneida Counties. In addition to developing the projects, EDF Renewables is also serving as the engineering, procurement, and construction (EPC) contractor for the projects on behalf of CleanCapital.
Two of the projects are also part of the Expanded Solar for All program, which is run by NYSERDA and National Grid. The program is designed to expand access to community solar to low- and moderate-income (LMI) and disadvantaged communities in support of the utility’s Energy Affordability Program. Both programs offer participating customers a 20% savings on their utility bills. CleanCapital’s portfolio of solar assets advances New York’s clean energy goals and, for the LMI communities situated near the sites, delivers access to affordable, reliable energy.
“The State of New York is at an acceleration point in its community solar programs and is fast approaching its goal of 6 GW of solar by 2025,” stated Julia Bell, Chief Commercial Officer at CleanCapital. “We’re excited to be a part of this momentum by continuing to grow our investment in New York community solar and providing the opportunity for hundreds of people in Herkimer, St. Lawrence, and Oneida Counties to purchase their electricity from renewable sources.”
Since the passage of the Inflation Reduction Act (IRA), and the implementation of NY-Sun, solar in New York has grown more than 3,000 percent. The state is fast approaching its 2025 target and is currently ranked in the top ten states with the highest solar installation. At the center of its clean energy goals is a green economy with equitable access to affordable energy. To enable reaching these outcomes, New York is continuing to invest billions of dollars and establish partnerships across the state to support solar and storage developments.
“We are thrilled to contribute to the expansion of community solar in New York,” said Rod Viens, Vice President & General Manager, Distribution-Scale Power at EDF Renewables. “This acquisition continues our collaboration with CleanCapital, which began in 2021 with the acquisition of EDF Renewables’ Massachusetts solar assets. We are pleased to partner with the CleanCapital team once more due to their demonstrated excellence in long-term operation of solar assets.”
“We are excited to add these community solar projects into our construction portfolio. Not only are we bringing renewable energy to the state’s low-income residents but we’re also working with local organizations to repurpose a historical landfill site to do so,” commented Laura Tamjärv, Senior Director of Acquisitions at CleanCapital. “After closing our largest capital raise to date this year, our team is looking forward to injecting more capital into critical state infrastructure projects and building solar to serve disadvantaged communities.”
CleanCapital is focused on investing in early-stage development, new construction, and operating solar and energy storage projects as well as partnering with developers to foster future pipeline opportunities. For more information about solar and storage financing solutions, visit https://cleancapital.com/project-acquisition/
CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. The company has successfully acquired and managed over 230 operating and new construction projects in 26 states and one U.S. territory, totaling 460 MW. More information about CleanCapital can be found at https://cleancapital.com/