Greenbacker provides three New York neighborhood solar initiatives from ReneSola

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By Chris Crowell November 17, 2022

Greenbacker Capital Management bought three to-be-constructed neighborhood solar initiatives in New York from ReneSola Power Holdings. When accomplished, the portfolio will assist contribute to a extra equitable clear energy transition by increasing New Yorkers’ entry to cheaper solar power.

Construction on the initiatives is slated to start in early 2023, with industrial operation anticipated by the tip of that 12 months. With a mixed clear power–era capability of 8.7 MWdc, the portfolio will provide New Yorkers with sufficient cheaper renewable energy to power, on common, 1653 houses a 12 months.

Two of the initiatives are set to take part within the Solar For All program, a utility help program that helps income-eligible New Yorkers entry clear energy whereas saving on their power payments. Each of the three initiatives is a part of New York’s Value of Distributed Energy Resources (VDER) program, a internet crediting system by which shoppers can elect to obtain a financial credit score towards their energy prices in an quantity equal to the VDER generated by a neighborhood solar challenge.

“Equitable access to solar power is critical to a sustainable energy transition, and we’re delighted that Greenbacker’s third community solar collaboration with ReneSola will help provide that access—particularly in our own neck of the woods,” mentioned Mehul Mehta, CIO of Greenbacker, which is predicated in New York. “We look forward to continuing our successful track record and bringing more new solar power to the grid together.”

The transaction is the newest in a historical past of profitable clear energy partnerships between Greenbacker and its associates and ReneSola, a longtime renewables developer with a wholesome pipeline of neighborhood and utility-scale solar initiatives, in addition to energy storage.

“We are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,” mentioned John Ewen, CEO of ReneSola North America. “ReneSola shares Greenbacker’s commitment to equitable access to solar power and continues to pursue opportunities to bring solar electricity to a larger demographic”.

Since 2017, Greenbacker Renewable Energy Company—a clear energy infrastructure enterprise affiliated with GCM—has bought a North Carolina solar farm, three solar energy initiatives in Utah, and 4 Maine neighborhood solar belongings from ReneSola.

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Tags: Community Solar, Greenbacker Capital, ReneSola

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