Scale Microgrids, a vertically integrated distributed energy platform, entered into a definitive agreement with Gutami to acquire 500 MW of distributed solar and storage projects. All the projects are located across multiple states, including California and New York.
This deal with Gutami adds to Scale’s portfolio of community solar projects across the country, with the capacity to power over 80,000 homes and small businesses and reduce annual CO2 emissions by around 800,000 tons.
This acquisition is built on their existing 100 MW partnership in New York, Scale and Gutami have executed an expansion agreement under which Gutami will develop 500 MW of energy transition infrastructure assets, which Scale will acquire, finance, and own.
“Community solar continues to be a priority for Scale for both its inclusivity and ability to provide more options to our microgrid customers. Community solar is a great option for those who are unable to install rooftop solar because they are renters, can’t afford solar, or because their property is not suited for it,” said Chief Executive Officer, Ryan Goodman.
“We are excited to close this second deal with Scale. After our first success in New York, we were able to expand to other states,” says Gerben Pek, Gutami’s Chief Executive Officer. “The fast-decision-making processes by local governments combined with clear legal structures and a well-functioning legal system enables us to accelerate our growth in community solar in the US.”
According to Mercom’s recently released Annual and Q4 2023 Solar Funding and M&A report, there were 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.
Recently, ENI Plenitude, through its U.S. subsidiary Eni New Energy US, signed an agreement with EDP Renováveis, a renewable energy company, to acquire an 80% equity stake in a portfolio of operational solar projects in the U.S.