Greenbacker Capital Management has bought, via an affiliated funding automobile, three to-be-constructed neighborhood solar initiatives in New York from ReneSola Power Holdings. Construction on the initiatives is slated to start in early 2023, with business operation anticipated by the top of that 12 months with a mixed clear power–technology capability of 8.7 MW DC.
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 wherein 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 venture.
“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,” says 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.”
“We are pleased to once again partner with Greenbacker on this portfolio of community solar projects in New York,” states 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.”