Aggreko’s Energy Transition Solutions Acquires 9 NY Community Solar Projects

Dec. 15, 2023
Aggreko ETS has connected the first of the nine projects to the grid, under a 5.9 MWdc project in the town of Vernon, 40 miles east of Syracuse.

Aggreko’s Energy Transition Solutions (Aggreko ETS) division has acquired a portfolio of nine community solar projects in New York with the ground-mounted installations to total approximately 59 MW of generating capacity once construction is completed.

Aggreko ETS has connected the first of the nine projects to the grid, under a 5.9 MWdc project in the town of Vernon, 40 miles east of Syracuse.

Aggreko ETS is managing the construction of the community-solar projects to reach commercialization and grid-connectivity by 2024. Aggreko raised tax equity financing from an institutional investor to de-risk the funding of the transaction simultaneously while closing the acquisition.

The nine community solar sites will enable low-and-moderate income New Yorkers to benefit from clean solar energy without any residential solar installed. Aggreko ETS will utilize its energy and commercial expertise to help the solar projects to be constructed on schedule.

 “The acquisition of these projects strategically supports the growth of Aggreko ETS’ community solar segment, which includes a complementary portfolio of assets under development in New York and several other states,” said Jerry Polacek, President of Aggreko ETS. “Not only does this acquisition expand the scale of our ambitions to provide clean energy to all New Yorkers, but it also establishes relationships with several anchor commercial and industrial subscribers to align with our growing focus as an energy transition solutions provider for C&I customers.”

Aggreko launched its ETS division in 2022 with help from supporters I Squared and TDR Capital. The focus is on developing greenfield solar and battery storage projects for the mid-scale North American energy markets.