In a time when employment opportunities are rare, a New York community solar project is expected to create 2,000 manufacturing jobs. The new project, pegged as the state’s “first,” was acquired by NextPower III and Energy Impact Partners (EIP). Both are investment firms that have had a hand in similar projects around the world.
Along with the 2,000 jobs, the New York community solar project will also create approximately 1,300 installation jobs. The new solar installation is estimated to provide power to around 15,000 homes while offering savings through community solar options. Upon completion by the end of 2021, the project will produce 102-megawatts of power, adding an ample amount of renewable energy to the investors’ portfolios.
Unlike many solar projects, this one won’t be delegated to just one site. EIP and NextPower III will be funding construction across 15 different sites in upstate New York. Developing and managing each solar asset will be the Infrastructure Group of EIP and a New York solar company, US Light Energy.
The EIP and NextPower III project is part of Governor Andrew Cuomo’s initiative, the Green New Deal Programme. As part of the program, the community solar site will have a hand in bringing New York closer to its 2050 goal of 100% net zero emissions of greenhouse gasses.
According to Managing Partner of EIP, Hans Kobler, the New York community solar project is especially important during the COVID-19 pandemic. As well as providing jobs, it continues to focus the need for cleaner, renewable energy for a better future.
Energy Impact Partners is a global investment company that focuses on investing in clean energy projects. Some of its investments have included Arcadia Power, BHI Energy, CIMCOM Lighting, Inc., and Aquam.
NextEnergy Capital has invested in 203 operating solar planets and has been responsible for generating 1,058 megawatts, with another 1,106 in development. NextEnergy works across three continents and currently funds three solar projects in the United States.