The green movement has many facets but one that usually comes to mind is renewable energy replacing fossil fuel use. Investments in solar energy, for example, are popular among fund managers looking to develop a strong portfolio going into the next decades.
Energy Impact Partners (EIP), an investment firm focused on the sustainable energy transition, and NextPower III, an international fund managed by NextEnergy Capital Group (NEC), is acquiring 102 MW (megawatts) of community solar projects in upstate New York. This will be under the management of EIP’s Infrastructure Group and in collaboration with U.S. Light Energy, a community solar development company in New York.
With concerns about a growing COVID-19 pandemic and the resulting economic downturn, the 102 MW portfolio is expected to bring 2,100 manufacturing, 1,365 installation, and 231 indirect jobs in supporting industries to the state. In addition, the projects will provide access to clean power for approximately 15,000 New York households and help the state reach its mandate of 100% net-zero greenhouse gas emissions by 2050 as laid out in Governor Andrew Cuomo’s Green New Deal Program.
This first community solar portfolio includes 15 sites located across upstate New York and is expected to be fully constructed and operational within 18 months. Subscriptions to these projects will be made available to all households in National Grid’s utility territory, spanning from Buffalo and Lake Erie to Albany and the Capital Region, and up into the North Country.
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