in the news
DSD Acquires 11.8 MW Community Solar-Plus-Storage Project from New Leaf Energy
SCHENECTADY, N.Y. (February 1, 2023) – DSD Renewables (DSD) has acquired an 11.8 MW community solar-plus-storage project from New Leaf Energy in Dartmouth, Massachusetts. The project will generate 15.7 GWh of solar each year, the equivalent of 11,146 metric tons of carbon dioxide emissions annually, that will benefit local residents and small businesses in the community, including those in low-income areas.
The project will be part of the Solar Massachusetts Renewable Target (SMART) Program – a long-term solar incentive program to promote cost-effective solar development across the state – and qualifies for Massachusetts’ Low Income Community Shared Solar program, providing electricity bill credits to low-income subscribers as well as local businesses. Offtake for the project will be made up of 50% low-to-moderate income (LMI) customers that will receive a monthly savings on their electricity bill, with the remainder going to a corporate offtakers in the Dartmouth area.
“This project represents the continued growth and success of our work in this region,” says Ryan Lloyd, DSD’s Director of Acquisition. “We’re proud to deliver yet another project backed by Massachusetts’ solar programs that will deliver a positive impact to the local community.”
The project will be part of the Massachusetts SMART Program: a long-term solar incentive program to promote cost-effective solar development across the state
“Working with New Leaf Energy has allowed us to continue our expansion in Massachusetts,” says Jon Morton, DSD’s Vice President of Asset Acquisitions. “The savings community solar projects like this bring to the Dartmouth area will provide real economic benefit to those who can gain the most, especially as electricity bills continue to rise.”
The site will include a solar array and a ground-mount energy storage system totaling 22.2 MWh, and marks the seventh project DSD and New Leaf Energy (formerly Borrego) have partnered on in the last 12 months. New Leaf Energy is a newly independent solar development company, resulting from the spin out of Borrego – previously a leading developer, EPC, and O&M provider for large-scale solar and energy storage projects – after the sale of its development business last year.
“We are excited to continue our partnership with DSD and support the adoption of community solar in Massachusetts,” says Brendan Neagle, Executive Vice President of Project Finance at New Leaf Energy. “DSD has enabled projects to reach their full potential and we look forward to working together to bring more projects to the area in the future.”
DSD will own and operate the project long-term, while Arcadia Power is handling LMI customer acquisition and management, as well as managing the anchor customer subscription.
About DSD Renewables
DSD Renewables (DSD) is transforming the way organizations harness clean energy while building a more sustainable future. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD accelerates the deployment of renewable energy resources and creates significant value for our commercial, industrial, and municipal customers and partners. Backed by world-leading financial partners like BlackRock Real Assets and rooted in our founding at GE, our team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own, and maintain. To learn more, visit DSDRenewables.com and connect with us on LinkedIn, Twitter, and Facebook.
About New Leaf Energy
New Leaf Energy is one of the leading developers of renewable energy and energy storage projects in the United States, both distributed generation and utility scale. Established as a standalone business in 2022 and headquartered in Lowell, MA, the company was formed out of Borrego Energy’s market-leading solar and energy storage development business, and is being led by Borrego’s former development business management team.
Together with its partners, New Leaf Energy works in service of its mission to accelerate the transition to a world powered by renewable energy. For more information, visit www.newleafenergy.com.
VP Marketing & Communications, DSD Renewables
Gregory FCA for DSD Renewables
Director of Operations
3Qs with Audrey Walker
Companies can spend up to millions, or even billions, of dollars directly on energy each year. Yet many organizations see energy as merely a cost to be managed — as opposed to an enormous opportunity to create new value. We spoke with our own Audrey Walker about how...
DSD Helps Verizon Move Toward Net-Zero Operational Emissions
DSD is helping Verizon approach net-zero operational emissions by executing 11 solar energy projects totaling 13.6 MW.
What DSD’s Asset-Backed Securitization Means for Community Solar
Solar asset-backed securities represent a growing opportunity to package assets originated by solar developers into diverse portfolios. They also offer opportunities for investors to deploy capital into renewable energy at scale.
Take the first step.
Not sure how to get started? Our renewables experts are here to help. Reach out to us today.