Distributed Solar Development (DSD) has acquired a portfolio of three community solar projects in New York – totaling 15.6 MW in capacity – from Source Renewables, and is in the process of acquiring a fourth project from Source Renewables, bringing the total portfolio size to 22.3 MW.
The projects, which are expected to be operational by Q3 2022, are located in Cortland, Onondaga, and Madison Counties.
As for the electricity generated by the portfolio, 40% of the offtake is purchased by large commercial and industrial customers, managed by DSD. The other 60% will be managed by Source Renewables and be purchased by residential and small commercial customers. The companies did not share what percentage of the generation will be going to low- and middle-income (LMI) customers. Projects that seek NY-Sun incentives must have at least 35% of nameplate capacity dedicated to LMI customers.
This deal marks the second transaction between DSD and Source Renewables in the last 10 months. Last December, DSD announced the acquisition of a three-project, 17 MW community solar energy portfolio in New York.
“Source Renewables was a great partner the first time around, and we were ecstatic to re-engage and do more business together,” says Kevin Hu, Manager, Asset Acquisitions at DSD. “Their disciplined and entrepreneurial approach makes it easy to work with them and saves us money, time, and resources.”
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