Investment firm, Energy Impact Partners (EIP), and NextPower III, a fund managed by NextEnergy Capital Group (NEC), announced the closing of an agreement of a 102 MW portfolio of community solar projects in upstate New York. This portfolio will be developed under EIP’s Infrastructure Group and community solar development company, U.S. Light Energy.
Construction of the projects is expected to bring 2,100 manufacturing and 1,365 installation jobs to the state and create 231 indirect jobs for supporting industries. The projects will also 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.
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The first community solar portfolio includes 15 sites across upstate New York in multiple NYISO Load Zones and is expected to be fully constructed and operational within 18 months. Subscriptions to the projects will be made available to all households in National Grid’s utility territory.
“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.
Hans Kobler, Managing Partner of EIP, said, “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.”