Alternus Clean Energy, a utility-scale transatlantic clean energy independent power producer, and Acadia Energy, a microgrid and renewable energy developer, have announced a joint venture to co-develop 200 MW of Sustainability Hub microgrid projects in New York State.
The joint venture will develop and operate a portfolio of microgrid projects over the next 2-3 years. The Acadia microgrids are scalable projects combining renewable energy and storage, offering green, resilient power to support local economic growth and sustainability in line with IRA and CLCPA goals.
The projects will provide clean, reliable, and affordable energy to local communities and businesses in New York State, supporting economic development and job creation.
"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,” said John Bay, CEO of Acadia.
Under the terms of the joint venture, Alternus will hold a 51% majority ownership stake in the projects, while Acadia will lead the development efforts with oversight from Alternus. The two companies will share the project costs and equity requirements equally, with each party contributing 50% of the necessary financing.
The joint venture projects are expected to be commercially operational within 2 years. The partnership will not only help meet New York’s ambitious clean energy targets but also represent a model for community-centric energy development, ensuring local communities benefit directly from these projects.
With an existing potential project pipeline of over 1.5 - 2.0 GW of renewable energy projects in New York with an average size of 20 – 50 MW per project, Acadia is in discussions with various regulatory agencies regarding microgrid implementation.
