Development Partnership with U.S. Light Energy Advances Sustainable Energy Transition, Brings Thousands of Jobs to Upstate New York
NEW YORK–(BUSINESS WIRE)–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), today 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.
“We are excited about our first infrastructure project with our partners Next Energy Capital and U.S. Light Energy and look forward too many more to come,” said Hans Kobler, Managing Partner of EIP. “In these challenging times, 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.”
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.
“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. “Energy Impact Partners’ financial strength, proven capabilities, and unique position in the marketplace make them a great fit for us here at U.S. Light Energy. We could not have asked for a better partner to work with for this 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.
About Energy Impact Partners
Energy Impact Partners (EIP) is a global investment platform leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking utilities and operating companies to advance innovation. With over $1.5 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 50 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
About NextEnergy Capital
NextEnergy Capital is a leading specialist investment and asset manager in the solar sector with c.US$2.3bn, across three investment vehicles. To date, NEC has invested into over 200 individual solar plants for an installed capacity in excess of 1GWp. NextPower III is a private ESG infrastructure fund established to invest in the international solar sector, specifically to fund the construction and long-term ownership of solar power plants. NextPower III’s target markets comprise mainly OECD countries. It currently has commitments of c.US$280m, and a target size of US$750m. NPIII currently owns six solar plants, for a total installed capacity of 357.6MW and has circa 1,000MW in exclusivity. For more information on NEC, please visit www.nextenergycapital.com.
About U.S. Light Energy
U.S. Light Energy is a New York based distributed generation energy development company specializing in renewable energy, Community Solar, and energy storage solutions. U.S. Light Energy works on behalf of all interested parties: investors, landowners, subscribers, state agencies, municipalities, vendors, and contractors to create solar renewable energy projects where everyone can be proud of their participation and contributions towards creating a better future for our children and for our planet. U.S. Light Energy is headquartered in Latham, NY. For more information about U.S. Light Energy, please visit www.USLightEnergy.com.
Powered by WPeMatico