Local power for local use solar projects support states’ renewable
energy portfolio goals
ROCKVILLE, Md.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/DG?src=hash” target=”_blank”gt;#DGlt;/agt;–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.
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.
Standard Solar PR Contact:
Freepoint PR Contact: