Scale Microgrids, a distributed energy developer, has agreed to acquire 100 MW of New York community solar projects from CSG-Gutami, a renewable project developer. Scale Microgrids will construct, own and operate these projects.
The agreement with Gutami is part of Scale’s rapidly growing pipeline, helping New York hit its mandated goal of a zero-emissions electricity sector by 2040. That represents the nation’s most aggressive climate and clean energy initiative, which includes 70% renewable energy generation by 2030 and economy-wide carbon neutrality. The recent Gutami transaction expands the amount of solar in New York and is enough to power over 15,000 more homes.
“We’re committed to providing the simplest path for New Yorkers to participate in clean energy projects. This portfolio of community solar has the capability to reduce annual CO2 emissions by around 160,000 tons, making strides to advance our mission of powering the world with clean, distributed energy”, said Julian Torres, Chief Investment Officer at Scale.
“This transaction endorses our strategy to develop solar projects in New York State from 2020 onwards. Supported by the Inflation Reduction Act, we will now expand our development activities to other states, preferably states with similar community solar programs. The U.S. is one of the key pillars of the Gutami strategy,” said Gerben Pek, Chief Executive Officer at Gutami.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW.
CWP Europe, a solar, wind, and battery storage project developer, recently acquired the 134 MW Studina solar project in Romania. The project is currently under development, and construction is set to begin in 2023. The project is expected to reach commercial operation by the end of 2024.