Renewable energy developer CVE North America has acquired seven community solar projects totaling 41 MW in capacity.
All of the projects bought from Canada’s Saturn Power are sited in New York. None of the projects are built yet, although CVE says construction will begin before this year ends.
The portfolio will be owned and operated by CVE, which plans to engage third-party providers for building these projects and acquiring community solar subscribers. Upon completion, the portfolio is estimated to generate sufficient clean energy to power about 8500 homes and offset the equivalent of more than 9000 passenger vehicles’ emissions.
“With this acquisition, CVE is accelerating its participation in the United States’ largest and most active community solar market, the state of New York,” Thibaut Delespaul, General Manager of CVE North America, said. “The portfolio will help contribute to a more equitable clean energy transition by expanding New York residents’ access to affordable solar power.”
The seven projects form part of a larger CVE portfolio of 13 projects in New York state totaling 73 MW, all of which are expected to be under construction between 2022 and early 2023. The projects will add to CVE’s existing operating portfolio of nine community solar projects in Massachusetts totaling 37 MW, and a development pipeline of over 250 MW across several states.
In addition to providing clean energy locally, the portfolio will offer job opportunities as well as environmental and community benefits. The seven projects will participate in the New York State Energy Research and Development Authority’s New York Value of Distributed Energy Resources program to help subscribers, particularly low to moderate-income households, save money on their utility bills, CVE says.
“Saturn will continue to work closely with CVE to ensure this portfolio is successful in progressing through the next stages of procurement, and construction on through to commercial operation, ensuring long-term benefit for these local communities along with strengthening the footprint of renewable energy in North America,” Doug Wagner, President & CEO of Saturn Power, said.
Community solar programs allow customers to enjoy the benefits of renewable energy without installing their own solar system. By supporting local solar development and subscribing to local community solar farms, they receive credits on their utility bills for their contribution towards power production.
Based in New York, CVE North America currently has plans to expand to more than 450 MW across the US by 2026. Its parent company CVE Group has over 550 MW in operation and construction in South Africa, US, Chile and France.