Independent solar power producer CVE North America has completed the acquisition of a portfolio of solar PV projects in upstate New York from Saturn Power Corp. The portfolio consists of seven community solar projects located throughout National Grid utility territory, totaling 41 MW. Saturn Power developed the projects to notice to proceed status, and CVE will begin construction by the end of 2022.
CVE will own and operate the portfolio and will work with third-party providers to construct the projects and acquire community solar subscribers.
The projects are set to participate in the New York Value of Distributed Energy Resources (VDER) program, a mechanism launched by the New York State Energy Research and Development Authority (NYSERDA) to encourage and support energy created by distributed energy resources like solar installations. Under this program, all seven installations will be community solar projects and help subscribers, especially low to moderate-income households, save money on their utility bills.
Through community solar programs customers can enjoy the benefits of lower cost energy from renewable resources without the need of installing their own solar system. By subscribing to local community solar farms and supporting local solar development, customers receive credits on their utility bills for their share of the power that is produced, just as if the panels were on their own roofs.
In addition to delivering clean energy locally, the portfolio will provide employment opportunities as well as community and environmental benefits. Once complete, the portfolio will produce enough clean energy per year to power approximately 8,500 homes and offset the equivalent of over 9,000 passenger vehicles’ emissions.
“These community solar projects represent a significant milestone in Saturn’s push towards creating a more sustainable environment and we are proud of the hard work that our amazing team has exhibited in originating and developing this portfolio.” says Doug Wagner, president and CEO for Saturn Power. “Saturn will continue to work closely with CVE to ensure this portfolio is successful in progressing through the next stages of procurement, and construction on through to commercial operation, ensuring long-term benefit for these local communities along with strengthening the footprint of renewable energy in North America”.
“With this acquisition, CVE is accelerating its participation in the United States’ largest and most active community solar market, the State of New York,” states Thibaut Delespaul, general manager of CVE North America. “This consolidates the company’s position as a distributed clean energy producer committed to delivering energy and environmental services to households, businesses, and municipalities. The portfolio will help contribute to a more equitable clean energy transition by expanding New York residents’ access to affordable solar power.”
The seven projects acquired are part of a broader CVE portfolio of thirteen projects in New York totaling 73 MW, all of which will be under construction between 2022 and early 2023. These projects will join CVE’s operating portfolio of nine Massachusetts community solar projects totaling 37 MW, and its development pipeline of more than 250 MW across several states.
