BW Solar Sells 76.7 MW Community Solar Project Portfolio to Catalyze

BW Solar, a solar and storage project developer, announced the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems.

The portfolio consists of projects in the range of 6~38.2 MW, which are currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.

“We appreciate the BW Solar team’s collaboration in this transaction process, helping ensure we meet the increasing demand for renewable electricity in New York,” said Jared Haines, CEO of Catalyze. “We look forward to deploying our operational expertise to bring these projects online within the next two years, increasing the adoption of solar in the state and engaging local communities in the process.”

The group of notice-to-proceed-ready (NTP-ready) projects are targeted for commercial operation in 2024 and 2025.

“BW Solar is committed to the energy transition by originating and developing high-quality renewable energy projects, and this transaction is a testament to our execution expertise. We were pleased to work with Catalyze in a seamless transaction process for the acquisition and look forward to seeing the projects come to fruition,” said Tai Nguyen, CEO, of BW Solar.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Globeleq, an independent solar power producer, recently announced the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies.