DSD Renewables (DSD), a provider of solar PV energy and energy storage solutions, acquired a community solar portfolio totaling 15 MW in Minnesota from New Energy Equity. The 100% residential-offtake portfolio is estimated to generate more than 20,000 total megawatt hours (MWh) annually, delivering power to approximately 900 subscribers.
The construction of the four solar projects is already ongoing and is slated to start at the remaining five sites by the end of 2023. Completion of the entire portfolio is expected by 2024. Arcadia Power will handle customer acquisition and subscriptions for the projects.
“We’re thrilled to partner with DSD on this great community solar portfolio, which will increase access to clean energy and positively impact Minnesotan communities,” said Josh Kunkel, President of New Energy Equity. “The state’s recently extended community solar program is a win for communities and developers alike, and we are excited to continue to support the clean energy transition in Minnesota.”
“It has been promising to watch Minnesota lead the way in community solar adoption the last several years,” said Ryan Lloyd, Director of Asset Acquisitions at DSD Renewables. “Partnering with New Energy Equity has unlocked the opportunity to work with local farmers on implementing projects in a new way that widens access and optimizes land use. This unique portfolio will have a lasting impact, offsetting electricity bills for hundreds of Minnesotan homes, promoting sustainable agricultural practices that benefit farmers and their crops, and reducing the state’s carbon footprint.”
Last year, DSD acquired a community solar portfolio of seven projects totaling 11.3 MW spread around six cities in Minnesota. The portfolio is expected to generate 17,073 MWh of clean energy each year, will have 100% residential offtake, and is expected to serve more than 600 residents, while the seventh project will have a 100% commercial offtake.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.