Greenbacker Capital Management has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings. Construction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year with a combined clean power–generation capacity of 8.7 MW DC.
Two of the projects are set to participate in the Solar For All program, a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community solar project.
“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 based 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.”