Reading Time: 3 minutes
Energy Impact Partners (EIP), one of the world’s leading investment firms focused on the sustainable energy transition, and NextPower III, an international fund managed by NextEnergy Capital Group (NEC), announced the closing of an agreement for the acquisition of an 102 megawatt (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, one of New York’s largest community solar development companies.
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 percent net-zero greenhouse gas emissions by 2050 as laid out in Governor Andrew Cuomo’s Green New Deal Program.
Hans Kobler, Managing Partner of EIP proudly stated that, the company was excited about their first infrastructure project with partners Next Energy Capital and U.S. Light Energy and looked forward too many more to come. In the challenging times, community solar continued to offer attractive risk-adjusted returns while generating jobs and laying the foundation for a better, cleaner future. The expansion was the logical evolution of their strategy, leveraging their 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 vast North Country.
Mark Richardson, President and CEO of U.S. Light Energy commented that, they were proud to be working with Energy Impact Partners on the substantial portfolio of community solar projects in thier home state of New York. Energy Impact Partners’ financial strength, proven capabilities, and unique position in the marketplace made them a great fit for them at U.S. Light Energy. The company could not have asked for a better partner to work with for their 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 US.