In a significant move towards advancing Vermont’s renewable energy objectives, Green Lantern Solar, an innovative renewable energy developer, has successfully sold eight net-metered solar projects to Sea Oak Capital, LLC. These community solar projects, spanning across Green Mountain Power (GMP) and Vermont Electric Cooperative (VEC) territories, represent a substantial contribution to the state’s renewable energy goals.
The off-takers of the energy generated by these projects include eight family farms, three dairy farms, various retailers, hotels, resorts, restaurants, a campground, and a country club.
David Carpenter, VP of Development & Chief Legal Officer at Green Lantern Solar, expressed satisfaction with the partnership with Sea Oak Capital, emphasizing Green Lantern Solar’s track record of delivering value to municipalities and communities through over 13 years and more than 135 projects.
The portfolio encompasses a diverse range of projects throughout the state, including locations like Londonderry, Castleton Heights, Pico View, Pittsford Furnace Brook, ORR, Bloom, CRB, and Brighton. Despite facing challenges such as expedited schedules, archaeological sensitivity, and regulatory compliance, these projects have been successfully completed or are nearing completion.
Vermont’s solar power generation currently constitutes more than 20% of the state’s electricity production, with net metering playing a crucial role in facilitating the uptake of renewable energy. Green Lantern Solar’s sale of the multi-project portfolio to Sea Oak Capital, comprising Notice to Proceed (NTP) and Commercial Operation Date (COD) projects, further underscores the growth potential of community solar project investments.
Dan Poydenis, Chief Executive Officer of Sea Oak Capital, commended Green Lantern Solar for its professionalism and dedication to making these projects a success, emphasizing the substantial and long-term savings they will provide to local small businesses.
Looking ahead, Green Lantern Solar aims to expand its footprint beyond Vermont and New England, leveraging its expertise and development process in new markets.
Founded in 2010, Green Lantern Solar has been instrumental in advancing the development, construction, and operation of community solar projects and commercial solar solutions, revitalizing low-value sites across various sectors.
In conclusion, the completion of these projects represents a significant milestone in Vermont’s transition to clean energy and underscores the commitment of both Green Lantern Solar and Sea Oak Capital to sustainable development and renewable energy investment.
