Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) is pleased to announce that its Greens Corners (120 MW), Sandy Creek (19.99 MW), Bald Mountain (19.99 MW), and West River (19.99 MW) solar projects were selected by the New York State Energy Research and Development Authority ("NYSERDA"), as part of its 2019 Renewable Energy Standard Solicitation for the purchase of New York Tier-1 Eligible Renewable Energy Certificates (RECs). The selection of these projects has commenced a process whereby Boralex and NYSERDA are working towards the execution of Renewable Energy Standard Agreements for the purchase of RECs associated with the energy production of each of the projects. Each REC represents the environmental attributes of one megawatt hour of electricity generated from an eligible renewable source like solar.
Totalling about 180 MW, these four photovoltaic solar energy generation facilities are located in Upstate New York.
The projects will offer economic, social, and environmental benefits to the State of New York, their counties, towns, and school districts, and each project will support approximately 50 (19.99 MW projects) to 100 (120 MW project) construction jobs in addition to long-term jobs to support operations.
"New York's Green New Deal, is a nation-leading clean energy agenda that will aggressively put New York State on a path to achieve 70% of the state's electricity from renewable energy by 2030, and Boralex is proud to be contributing to this movement. I would like to thank NYSERDA for this great opportunity and acknowledge the great work of my teams who demonstrated once again Boralex's strong ability to adapt and stand out in a new market," said Patrick Lemaire, President and Chief Executive Officer of Boralex.
"Not only was every project submitted selected, but the Boralex development team entered the New York market and took these projects from concept to today's announcement in less than a year. These projects mark our very successful entry in the United States solar energy market and represent an important step in the achievement of our growth and diversification orientations of our strategic plan."
For each project, Boralex has begun the process of consulting with local stakeholders to understand their interests and consider their comments when designing the facilities. Boralex will continue to work with the host towns, host counties and local stakeholders to ensure that the projects are properly integrated in their respective communities.
Date: Mar 13, 2020