Greenbacker Capital Management has purchased, through an affiliated investment vehicle, three to-be-built community solar projects in New York from ReneSola Power Holdings. Construction of the projects is scheduled to begin in early 2023, with commercial operation expected by the end of the year with a combined clean power generation capacity of 8.7 MW DC.
Two of the projects are slated to participate in the Solar For All program, a utility assistance program that helps eligible New Yorkers access clean energy while keeping their electricity bills down. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system where consumers can choose to receive a monetary credit on 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 are thrilled that Greenbacker’s third community solar collaboration with ReneSola will help provide that access — especially to our own neck of the woods,” said Mehul Mehta, CIO of New York-based Greenbacker. “We look forward to continuing our successful track record and bringing more new solar power to the grid.”
“We are delighted to partner with Greenbacker again on this portfolio of community solar projects in New York,” said John Ewen, CEO of ReneSola North America. “ReneSola shares Greenbacker’s commitment to equitable access to solar power and continues to seek opportunities to bring solar power to a larger demographic.”
