A partnership between Goldman Sachs Renewable Power, LLC (GSRP) and SMT Energy, LLC (SMT) will result in a sizable boost in community solar energy in upstate New York. According to the terms of the partnership, GSRP will acquire at least 55 megawatts of community solar across multiple projects owned by SMT.
SMT co-founder, John Switzer states that the facilities being acquired by GSRP have been designed to provide cost-saving electricity to homeowners and small businesses in upstate New York. As Switzer explains, the community solar energy facilities will provide considerable returns to investors that take part in the program while creating jobs and generating tax revenue during their operational life.
The 55-megawatts of community solar energy is coming from nine projects constructed in upstate New York. Though not currently operational, they are scheduled to come online sometime in 2022. Once operational, the facilities will generate enough community solar energy to offset more than 60,000 tons of carbon emissions each year. The generation will also equal the average yearly energy use of just over 8,000 households.
When the sites become operational, GSRP will serve as the managing company and will play an active role in the benefits provided by the facility. The nine sites will generate community solar energy that will be used to provide low-cost power to subscribers. Participants will receive a credit on their monthly bill equivalent to the energy they use from the solar sites. These subscriptions come with no risk, as subscribers can end their contract without incurring fees.
GSRP specializes in clean energy and projects that have a positive impact on the environment. The company expects to inject upwards of $150 billion worth of technology into the clean energy industry by 2025. As of 2012, it had already achieved $80 billion.
SMT Energy provides safe and accessible clean energy to homeowners. The company’s blend of solar storage and community solar programs has served the community to reduce carbon emissions.