United States, three community solar projects

In the U.S., Greenbacker is acquiring three community solar projects to be built in New York from ReneSola Power.

A social project

In the U.S., Greenbacker acquires a combined 8.7MWdc of clean power generation capacity. The portfolio will provide New Yorkers with enough cheaper renewable energy to power, on average, 1653 homes per year. In addition, construction of the projects is expected to begin in early 2023

Two of the projects, newly acquired by Greenbacker, participate in the “Solar For All” program. It is a utility assistance program that helps New Yorkers access clean energy. In addition, it allows eligible incomes to save on their electricity bills.

A political will

Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program. It is a net credit system in which consumers can choose to receive monetary credit. The credit system applies to energy costs in an amount equal to the DERV generated by a community solar project.

Mehul Mehta, Greenbacker’s IT Director, states:

“Equitable access to solar power is critical to a sustainable energy transition, and we are thrilled that Greenbacker’s third collaboration with ReneSola in the community solar space is helping to provide that access – especially in our own neck of the woods. We look forward to continuing our successful journey and bringing more new solar energy to the grid together.”

In the United States, Greenbacker purchased a solar farm in North Carolina from ReneSola. In addition, the company was also acquiring three solar energy projects in Utah and four community solar assets in Maine.