RWE Clean Energy, a renewable energy project developer, announced the acquisition of 599 MW solar and energy storage projects in New York, Idaho, and Oregon from Galehead Development, a solar, wind, and energy storage project developer.
The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
The projects include a 300 MW Cedar Ridge solar project with a 150 MW/ 600 MWh energy storage asset located in Blaine County, Idaho. The collocated solar and energy storage project will help meet growing demand and provide regional grid support consistent with PacifiCorp’s resource planning forecasts,
The 199 MW Remington solar project with a 4-hour (796 MWh) standalone BESS asset is located in Marion County, Oregon. In addition to providing flexible, clean power in response to regional demand fluctuations, the project will be designed to have a smaller overall footprint for minimal impact on existing land use. The third project is a 100 MW Champlain solar project located in Washington County, New York.
Hanson Wood, Head of Development, Utility-Scale Renewables for RWE Clean Energy, said, “RWE is excited to close on our first acquisitions with Galehead, in particular the Remington and Cedar Ridge projects which allow us to expand our presence in the Pacific Northwest market where there is robust demand for low-cost, clean power. Importantly, these projects will help provide future grid support, create good-paying jobs, and fuel the local economies of Washington, Blain, and Marion counties. We look forward to working with the local communities to communicate the benefits of these projects throughout the development process.“
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.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, signed an agreement recently for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy.
