Standard Solar Boosts Community Solar Portfolio Through Acquisition of Six Solar Projects in New York from US Light Energy

Six locations will generate more than 46,725,000 kWh of clean, renewable energy for NY residents via community solar

Standard Solar, Inc., a leading solar energy company specializing in the development and financing of solar electric systems nationwide, is building 38 megawatts (MW) of community distributed generation (or community solar) projects in New York through the acquisition of six projects from US Light Energy (formerly Solitude Solar), a community solar development company.

The community solar projects will be constructed on land parcels totaling approximately 180 acres and will provide subscribers with the benefits of solar energy without the cost of equipment, installation and maintenance, directly contributing to New York Governor Andrew Cuomo’s mandate to achieve 50% of the state’s electricity from renewable energy by 2030.

The six project sites, including one re-purposed landfill, are in the towns of Hunter, Clifton Park, Turin, Croghan and Denmark. They are located in two different utility territories across three different NYISO Load Zones. The power generated by the arrays will provide cost-saving solar electricity to both residential and small commercial subscribers.

Overall, the solar farms will consist of approximately 111,765 solar panels, annually generating approximately 46,725,000 kilowatt hours (kWh) of electricity. This output is sufficient to power 3,775 typical American homes for a year. The projects also offset the production of about 76,600,000 pounds of carbon dioxide annually, equal to the carbon sequestered annually by a 40,958-acre U.S. forest.

“New York has one of the most active community solar markets in the country, significantly boosted by the NY-Sun Initiative, Gov. Cuomo’s $1 billion initiative to advance the acceleration of solar in the state,” explained Scott Wiater, President & CEO, Standard Solar. “We are proud to have the unique ability to finance and construct impactful community solar projects that will bring the benefits of clean, renewable energy to even more residents in the state.”

“We are excited and grateful to be working with Standard Solar on the first of these community solar projects here in our home state of New York,” said Mark Richardson, President and CEO of US Light Energy. “Standard Solar’s financial strength, proven construction capabilities, and their position in the marketplace make them a perfect fit for us. We could not have asked for a better partner to work with on this community solar project portfolio.”

A recent report from Wood Mackenzie Power & Renewables and Vote Solar, says that 50 to 75 percent of U.S. consumers don’t have access to conventional rooftop installations. “This is what makes community solar such a great solution—anyone located in the area around one of the six projects can subscribe to the clean energy produced by the panels and get credits on their regular utility bill,” continued Wiater. “Customers don’t need to worry about installing panels on their property and all crediting is done virtually through their utility company, including a pay-as-you-go option. Unlike typical energy sources, a solar farm offers local, clean energy that offsets a customer’s electric bill with predictable rates and terms.”

With access to $500 million in low-cost project capital available from international energy giant Énergir, Standard Solar’s parent company, Standard Solar can easily remove financing barriers from projects allowing the project, and the savings that come with it to flourish.

Source: Standard Solar, Inc.
Date: Sep 19, 2018