Greenbacker Capital Management (GCM) has purchased, through an affiliated investment vehicle, three to-be-constructed community solar projects in New York from ReneSola Power Holdings.
Construction on the projects is slated to begin in early 2023, with commercial operation expected by the end of that year. With a combined clean power–generation capacity of 8.7 megawatts defined conditions (MWdc), the portfolio will supply New Yorkers with enough cheaper renewable energy to power, on average, 1,653 homes a year.
Two of the projects are set to participate in the Solar for All program, a utility assistance program that helps income-eligible New Yorkers access clean energy while saving on their power bills. Each of the three projects is part of New York’s Value of Distributed Energy Resources (VDER) program, a net crediting system in which consumers can elect to receive a monetary credit toward their energy costs in an amount equal to the VDER generated by a community