RIC Energy Propels Renewable Energy Growth: Sells Seven Upstate New York Photovoltaic Plants to Radial Power in Multi-Million Dollar Deal

In a significant move towards renewable energy expansion, RIC Energy, a prominent global independent renewable energy developer, has announced the sale of seven photovoltaic plants located in upstate New York to Radial Power, a leading distributed energy platform focused on decarbonization efforts within large real estate portfolios.

Totaling a combined capacity of 34 MW, the photovoltaic plants are strategically situated across the upstate New York region. Expected to supply 100 percent clean energy to over 8,000 households enrolled in their respective utilities’ community solar programs, these facilities represent a substantial investment exceeding $85 million dollars.

This recent transaction marks RIC Energy’s continued divestment strategy, having previously sold 13 photovoltaic plants in New York state with a cumulative capacity of 70 MW to various entities. With this sale, RIC Energy solidifies its position as the second largest developer in the upstate area, boasting over 600 MW of photovoltaic and storage capacity. Globally, RIC Energy’s portfolio spans more than 2,000 MW, reflecting its extensive experience in the U.S. market since its inception fourteen years ago.

Jonathan Rappe, CEO of RIC Energy North America, expressed enthusiasm regarding the transaction’s positive impact on local communities. “Together with the team at Radial Power, we are proud to deliver clean energy, sustainable jobs, and energy bill savings to the region,” he remarked.

Echoing Rappe’s sentiments, José Luis Moya, Global CEO of RIC Energy, emphasized the company’s commitment to diverse national photovoltaic and energy storage initiatives. Moya highlighted strategic expansions in states like New York, Maryland, Texas, and California, underscoring RIC Energy’s status as a premier independent power producer (IPP) in the U.S. market.

The RIC Energy group, with a global footprint spanning a dozen nations across four continents, maintains a burgeoning portfolio of renewable energy projects, including photovoltaic, green hydrogen, storage, and biogas, totaling 20,000 MW.