CVE North America, an independent power producer, completed the acquisition of 41 MW of solar photovoltaic projects portfolio in New York from Saturn Power Corporation. The portfolio consists of seven community solar projects located throughout the National Grid utility territory.
Saturn Power has developed the projects to Notice to Proceed (NTP) status, and CVE is expected to begin construction by the end of 2022. CVE would own and operate the portfolio and work with third-party providers to construct the projects and also acquire community solar subscribers.
In a community solar setup, just by subscribing to local solar farms and supporting local solar development, customers receive credits on their utility bills for their share of the power produced, just as if the panels were on their own roofs.
In addition to delivering clean energy locally, the portfolio is expected to provide employment opportunities and community and environmental benefits.
Once complete, the portfolio will produce enough clean energy per year to power approximately 8,500 homes and offset the equivalent of over 9,000 passenger vehicles’ emissions.
The projects will participate in the New York Value of Distributed Energy Resources (VDER) program, launched by the New York Energy Research and Development Authority. The seven community solar projects will help subscribers belonging to low to moderate-income households save money on their utility bills.
“With this acquisition, CVE is accelerating its participation in the United States’ largest and most active community solar market, the State of New York. This consolidates the company’s position as a distributed clean energy producer committed to delivering energy and environmental services to households, businesses, and municipalities. The portfolio will help contribute to a more equitable clean energy transition by expanding New York residents’ access to affordable solar power.” said Thibaut Delespaul, General Manager of CVE North America.
The seven projects acquired are part of a broader CVE portfolio of thirteen projects in New York State totaling 73 MW, all of which will be under construction between 2022 and early 2023. These projects will join CVE’s operating portfolio of nine Massachusetts community solar projects totaling 37 MW and its development pipeline of more than 250 MW across several states.
According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.