US Clean Energy Firms To Develop 200 MW New York RE Project

US Clean Energy Firms To Develop 200 MW New York RE Project

Transatlantic clean energy firm Alternus Clean Energy and Acadia Energy have come together for a joint venture to develop 200 megawatts (MW) of Sustainability Hub microgrid projects in New York State.

According to a media statement by Alternus Clean Energy, over the next 2-3 years, the joint venture will concentrate on both developing and managing a range of microgrid projects. These Acadia microgrids are designed to be scalable endeavors that integrate renewable energy and storage solutions, providing environmentally friendly and resilient power. Aligned with IRA and CLCPA objectives, these projects aim to bolster local economic growth and sustainability efforts. By offering clean, dependable, and cost-effective energy, they will contribute to the advancement of economic development and job opportunities for communities and businesses across New York State, stated the Alternus statement.

As per the terms of the joint venture agreement, Alternus will hold a majority ownership stake of 51% in the projects, with Acadia leading development efforts under Alternus’ oversight. Both companies will equally share project costs and equity requirements, each contributing 50% of the necessary financing.

Acadia has an existing potential project pipeline of over 1.5 – 2.0 gigawatts of renewable energy projects in New York, averaging between 20 and 50 MW per project. Currently, Acadia is engaged in discussions with various regulatory agencies regarding microgrid implementation.

Commercial operations for the joint venture projects are anticipated to commence within 2 years.

“We are thrilled to partner with Acadia Energy on this exciting initiative to develop and operate 200 MW of microgrids in New York,” said Vincent Browne, CEO of Alternus. “Acadia’s impressive pipeline of renewable, utility-scale energy projects is precisely the type of asset portfolio we are targeting as we expand our footprint in the U.S. market. Their deep roots in the region and proven track record make them an ideal partner as we work to accelerate the transition to clean energy and support local economic growth.”

John Bay, CEO of Acadia, added, “Joining forces with Alternus Clean Energy enables us to amplify our impact and accelerate the deployment of cutting-edge microgrid technology across update New York. Our shared vision for a sustainable future and Acadia’s extensive experience in developing a pipeline of over 1.2 gigawatts of projects provides a solid foundation for this initiative.”