Source Renewables and Distributed Solar Development (DSD) have just closed on a deal for a three-site, 17-megawatt community solar investment. Source Renewables, a New York-based developer, sold off the three projects for DSD after developing the sites to add to the state’s growing portfolio of renewable energy. The current timetable has all three projects expected to go live in the summer of 2021.
According to DSD’s Director of Asset Acquisitions, Lauren Craft, DSD sought out Source Renewables after learning of the developer’s management of community solar assets and entrepreneurial mindset. Craft went on to suggest that DSD is eyeing up more projects from Source Renewables, which has a development pipeline of 85-megawatts awaiting completion.
Utah’s Mill Creek Engineering is behind the installation of the three-site community solar investment, which is expected to begin this winter. Mill Creek will also oversee the engineering and procurement of the three locations. The sites included in the transaction between DSD and Source Renewables include properties in St. Lawrence, Chautauqua, and Oswego counties. The Oswego site is accompanied by an energy storage service of up to 8,000-kilowatt-hours.
The New York State Energy Development and Research Authority (NYSERDA) has provided some funding and incentives to the portfolio. Some incentives included the Value of Distributed Energy Resources and Battery Energy Storage System programs. According to Craft, the incentive programs were essential to the development and their future completion. Additionally, the incentives have allowed DSD to pass benefits and savings down to the local community.
Though DSD has acquired the portfolio, it is utilizing Source Power Company to manage subscriptions. Homeowners and small businesses are able to subscribe to one of the three projects to enjoy the benefits of solar energy. Additionally, subscribers will receive a credit on their monthly utility statement.
Interested parties can read more at sourcepowerco.com.