DSD Acquires 17 MW Community Solar Portfolio in New York from Source Renewables
SCHENECTADY, N.Y. — December 1, 2020 — Distributed Solar Development (DSD) has acquired a three-project, 17 MW community solar portfolio from Source Renewables, a New York State developer focused on community solar assets. The three projects, one of which includes solar and storage, were developed by Source Renewables from greenfield, and are expected to reach commercial operation next summer.
“DSD was drawn to the Source Renewables team by their focused and disciplined approach to solar development, unique entrepreneurial strategy, and capability for managing community solar assets once operational,” says Lauren Craft, Director of Asset Acquisitions at DSD. “We’re looking forward to seeing more projects from the 85 MW pipeline that Source Renewables has under development.”
The three projects are slated to proceed with installation this winter, with Utah-based Mill Creek Engineering engaged for engineering, procurement, and construction. The portfolio comprises three separate New York State properties in Chautauqua, Oswego, and St. Lawrence Counties. The Oswego County site is bolstered by up to 8,000 kWh of energy storage service (ESS).
“These programs are invaluable as we partner to bring clean and reliable renewable energy online across New York State…”
“We worked hard to ensure these projects earned the support of their respective communities, and DSD’s resources and talent will add to their long-term value,” says Andrew Day, Partner at Source Renewables. “We’re looking forward to partnering on these projects and potentially others in the future.”
The project is supported by state funds and incentives from the New York State Energy Development and Research Authority (NYSERDA), including the VDER (Value of Distributed Energy Resources), and MW Block and BESS (Battery Energy Storage System) incentive programs.
“These programs are invaluable as we partner to bring clean and reliable renewable energy online across New York State,” says Craft. “This will lead to savings and benefits across these communities for years to come.”
Source Power Company, a community solar customer management platform, is managing the subscription and ongoing customer relationships for the projects. Potential customers interested in participating can join by visiting sourcepowerco.com.
About Distributed Solar Development
Distributed Solar Development (DSD) is transforming the way organizations harness clean energy. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD 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 with a 120+ year legacy of innovation, our team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own and maintain.
About Source Renewables
Source Renewables is a vertically-integrated renewable energy company focused on the development and financing of distributed solar generation and energy storage projects throughout New York. Source Renewables’ subsidiary, Source Power Company is a regulated Energy Service Company and Distributed Energy Resource Supplier. Source pairs retail energy supply with customer management for community distributed generation projects. Source’s innovative approach provides savings for retail customers and enhances returns for its development partners. Source’s unique and creative solutions will help New York meet its renewable energy goals to reduce the local effects of climate change.
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