Standard Solar to Acquire 27 Megawatt Portfolio of Distributed Generation Solar Projects in New York and Rhode Island from Freepoint Solar
Local power for local use solar projects support states’ renewable energy portfolio goals
ROCKVILLE, Md.: Standard Solar, Inc., a leading solar energy company specializing in the development and financing of solar electric systems nationwide, today announced it has signed an agreement to acquire 27 megawatts (MW) of distributed generation (DG) solar projects in New York and Rhode Island from Freepoint Solar LLC. Standard Solar will engineer, build, finance, own and operate all five projects which are expected to commence construction over the next six to nine months.
The three DG projects in Rhode Island, totaling approximately 13 MW, are part of the states’ Renewable Energy Growth (REG) Program. Rhode Island’s REG Program supports the development of 560 MW of new renewable energy projects in the state between 2015 and 2020 and enables customers to sell their generation output under long-term tariffs at a fixed price.
Similarly, New York state is making solar energy more accessible to homes, businesses and communities through its NY-Sun Program. Both projects purchased in New York, totaling 14 MW, are community solar projects. Community solar offers local, clean energy that can often offset a greater portion of a home, or communities’, or business’ electric bill with predictable rates and terms without having to install solar on their building.
“These projects are part of the growing DG revolution in the United States, where solar projects interconnect into smaller voltage lines and feed directly into the local electrical system. Standard Solar is proud to be working with Freepoint Solar to build out this portfolio of DG solar projects resulting in local power for local use,” said Harry Benson, Director of Business Development for Standard Solar. “Freepoint Solar and its development partner SunEast Development LLC have done an excellent job developing these sites, and now it’s our job is to get these projects over the finish line—constructing, owning and operating them.”
The five ground-mount projects will generate revenue through taxes and local economic development for the states and local governments, and produce nearly 115 gigawatt-hours of electricity. That’s enough to power more than 3,600 homes and the equivalent of removing 26,694 metric tons of CO2 from the atmosphere annually.
About Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making Distributed Generation (DG) solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. With more than 100 megawatts installed, financed and maintained, Standard Solar is one of the most trusted and respected solar companies in the US. Owned by Énergir, a leading energy provider with more than $5.8 billion US in assets, Standard Solar operates nationally and is headquartered in Rockville, Md. For more information, please visit www.standardsolar.com.
About Freepoint
Freepoint Solar LLC is one of the leading solar developers in the Eastern U.S., with over 550 MWs of projects in ISO-NE, NYISO, and PJM. Freepoint Solar is a wholly owned member of the Freepoint Commodities group of companies.
Founded in 2011, Freepoint Commodities LLC is based in Stamford, CT with over 425 employees worldwide. Freepoint is a merchant of physical commodities and a financer of upper and mid-stream commodity-producing assets. Freepoint also provides physical supply services and related structured solutions for counterparties.
About SunEast Development LLC
Founded in 2012, SunEast Development LLC is a privately-held clean energy development and management services company with offices in West Chester, PA and Old Saybrook, CT. SunEast develops solar projects in partnerships with recognized leaders in the energy industry, and has managed the development of over 850 MWs of solar projects in ten states, including utility-scale projects currently in operation in Connecticut and Massachusetts. Please visit www.suneastdevelopment.com for more information.
