Three companies, Bullrock Renewables, NXTGenREA, and Delaware River Solar, have formed a joint venture to construct, own and operate a 250 MW portfolio of community solar projects in New York State.
The three expect the projects to be online by 2025. The portfolio will include 120 MW to be completed at the end of 2024 and 130 MW operational by March 2025. Combined, the three companies have delivered more than $1.5 billion of solar assets since 2012, making the group one of the largest private entities in the space.
New York remains one of the major markets for community solar in the United States, passing 1 GW of installed capacity in March 2022. The state has a goal of reaching 70 % of electricity generation from renewable resources by 2030. New York also targets 10 GW of solar by the 2030 deadline.
Bullrock Renewables is a Vermont-based company with over 130 MW of solar project development history in New England and New York. The company focuses on new development, construction, purchasing existing assets, and lending.
NXTGenREA will be providing its services via XGR, a new renewables and finance platform launched by the company. XGR is built on over 30 years of renewable technology tax enhanced investment experience. The company has financed over 300 solar assets since 2011 and is integrated with flexible tax equity partnerships.
Delaware River Solar, based in New York, has constructed over 45 community solar facilities and reached over 20,000 customers via its subscription service in six years of operation.
“Renewable energy, specifically solar, is boosting the economy, creating jobs, and leaving the world a better place,” said Ross Sanner, chief executive officer, Bullrock Renewables. “We look forward to continuing to expand our relationships in the clean energy sector as we continue to scale this exciting company.’’
Much of the community solar developed in the state has received benefits from the state’s NY-Sun program, a state solar incentive program for distributed generation assets. Since being launched in 2011, NY-Sun has put forth more than $1.8 billion to advance solar buildout in the state.
This funding has supported the installation of solar on the rooftop or property of 165,000 homes, spanning every county in New York, providing over $1.3 billion in incentives and leveraging $6.1 billion in private investment. It has led to over 2,500% solar growth in the State, and the delivery of enough renewable energy to power over 627,000 New York homes.
New York now houses 12,000 jobs in the solar industry and has driven down the cost of solar 70% in 10 years. NY-Sun has also funded $30 million for projects aimed at benefiting environmental justice and disadvantaged communities.
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