DSD Acquires 22.3 MW Community Solar Portfolio from Source Renewables in New York State
SCHENECTADY, N.Y. – September 30, 2021 – Distributed Solar Development (DSD) has acquired another three-project, 15.6 MW community solar energy portfolio from Source Renewables, a renewable energy company focused on community solar and clean energy development in New York State. DSD is also in the process of acquiring a fourth project from Source Renewables, bringing the total portfolio size to 22.3 MW. The projects are located in Cortland, Onondaga, and Madison Counties, and are expected to be operational by Q3 2022.
“Source Renewables was a great partner the first time around, and we were ecstatic to re-engage and do more business together”
NY project DSD acquired last year.
This is the second transaction between DSD and Source Renewables in the last 10 months. Last December, DSD announced the acquisition of a three-project, 17 MW community solar energy portfolio in New York.
“Source Renewables was a great partner the first time around, and we were ecstatic to re-engage and do more business together,” says Kevin Hu, Manager, Asset Acquisitions at DSD. “Their disciplined and entrepreneurial approach makes it easy to work with them and saves us money, time, and resources. We look forward to continuing our relationship in the future.”
“DSD has become a trusted partner for us, and their resources and deep expertise across the development lifecycle has proven invaluable,” said Andrew Day, Partner at Source Renewables. “Our shoulder-to-shoulder partnership optimizes engineering, development, construction, ownership, and maintenance, which has ultimately enabled us to put more MWs in the ground.”
Forty percent of the offtake will go to large commercial and industrial customers, managed by DSD. The other 60% will be managed by Source Renewables and go to residential and small commercial customers.
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 solar energy team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own and maintain. To learn more about our industry-leading solar energy solutions, visit dsdrenewables.com and be sure to connect with us on LinkedIn and Twitter.
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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