Sustainable energy investment firm Energy Impact Partners (EIP) and NextPower III, an international fund managed by NextEnergy Capital Group (NEC), closed on an agreement for the acquisition of a 102-MW portfolio of community solar projects in upstate New York. This portfolio will be developed under the management of EIP’s Infrastructure Group and in collaboration with U.S. Light Energy, a New York community solar development company.
Amid a growing pandemic and economic downturn, the 102-MW portfolio is expected to bring 2,100 manufacturing and 1,365 installation jobs to the state and create 231 indirect jobs in supporting industries. In addition, the projects will provide access to clean power for approximately 15,000 New York households and help the state reach its mandate of 100% net-zero greenhouse gas emissions by 2050 as laid out in Governor Andrew Cuomo’s Green New Deal Program.
“We are excited about our first infrastructure project with our partners Next Energy Capital and U.S. Light Energy and look forward too many more to come,” said Hans Kobler, managing partner of EIP. “In these challenging times, community solar continues to offer attractive risk-adjusted returns while generating jobs and laying the foundation for a better, cleaner future. This expansion is the logical evolution of our strategy, leveraging our expansive utility partner network, portfolio of innovative technology leaders and deep sector expertise.”
This first community solar portfolio includes 15 sites located across upstate New York in multiple NYISO Load Zones and is expected to be fully constructed and operational within 18 months. Subscriptions to these projects will be made available to all households in National Grid’s utility territory, spanning from Buffalo and Lake Erie to Albany and the Capital Region, and up into the North Country region.
“We are proud to be working with Energy Impact Partners on this substantial portfolio of community solar projects here in our home state of New York,” said Mark Richardson, president and CEO of U.S. Light Energy. “Energy Impact Partners’ financial strength, proven capabilities and unique position in the marketplace make them a great fit for us here at U.S. Light Energy. We could not have asked for a better partner to work with for this community solar portfolio.”
EIP’s recently launched Infrastructure Group is made up of seasoned energy professionals with deep expertise in development, construction, financing and operation of distributed generation and storage assets. The team seeks to partner with developers looking for seamless, flexible funding for portfolios of community solar and other distributed generation projects across the United States.
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