Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer.
The financial details of the deal were not disclosed.
The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.
Cypress develops, finances, owns, and operates utility-scale and distributed solar and energy storage projects across the U.S. Since its inception, Cypress Creek has developed more than 11 GW of solar projects.
Carson Power will continue co-developing the project, supporting entitlement and community engagement, with Cypress Creek leading principal development, offtake, procurement, and financing responsibilities.
“We are incredibly excited to begin our partnership with Carson Power,” Marisa Scavo, Director of Development for Cypress Creek, said. “Over the past seven years, we have been committed to powering the clean energy transition in New York State and are looking forward to expanding how we develop and advance solar and energy storage. With this project, we will hopefully commence a long-term relationship providing development capital to Carson Power as their business grows and our commitment to New York strengthens.”
Emilie Flanagan, CEO of Carson Power, echoed the excitement “We are thrilled to kick off co-development of this 100MW solar project in New York with a partner like Cypress Creek. Their deep expertise in utility-scale development, financing, ownership, and operations in New York will be instrumental to bringing this asset to NTP. We are excited to start the foundation of what we believe will be a great development partnership with Cypress Creek to continue supporting the clean energy transition of the State of New York.”
Recently, Spruce Power, a distributed generation solar systems owner, and operator in the U.S. – has acquired Level Solar’s entire portfolio of 2,637 rooftop solar assets totaling 16.5 MW. According to Mercom’s 1H and Q2 2022 report, there were a total of 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022.
In July 2022, CleanCapital, a clean energy investment platform, acquired a 36.6 MW solar project in Inalahan, Guam, from GlidePath Power Solutions, an energy storage developer and independent power producer in the U.S. The transaction includes the operating Dandan solar project and rights to GlidePath’s portfolio to the U.S. territory of Guam. The solar project commenced its commercial operations in October 2015 and currently generates 6% of the island’s electricity generation.
