BRUC Secures Financing for 842 MW of Solar Projects in Spain

RIC Energy, an independent renewable energy project developer, announced the sale of three community solar projects with a combined capacity of 20 MW in New York to Luminace, a provider of decarbonization-as-a-service solutions owned by Brookfield.

The solar projects are located in New York State Electric and Gas (NYSEG) and National Grid service territories in upstate New York. The facilities are expected to provide 100 percent clean energy to more than 5,000 homes participating in the utilities’ community solar programs. The total investment in these projects is expected to be more than $50 million dollars.

This sale follows a recent transaction closed last December by RIC Energy with another renewable energy development group for the sale of three plants totaling 15.5 MW located in upstate New York.

“We are excited to be working towards the sustainability goals of New York State and making a significant economic impact in Chautauqua and Cortland Counties through the creation of sustainable jobs and the expansion of the local tax base,” said Jonathan Rappe, CEO of RIC Energy North America. “Additionally, we are pleased to announce our collaboration with the accomplished team at Luminace to expedite the advancement of these projects to the operational phase.”

“Our recently announced relationship and associated portfolio with RIC Energy enables access to clean, renewable solar energy to residents and businesses across the central NY region, extends our footprint of Community Solar assets throughout New York State, and continues to expand upon our network of strategic channel partnerships across our key markets in the US,” says Brendon Quinlivan, Luminace’s Chief Executive Officer.

According to Mercom’s Annual and Q4 2023 Solar Funding and M&A report shows 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.

Grenergy, an independent solar and wind power producer, recently announced the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú.