Catalyze Acquires 12 New York Community Solar Projects Totaling 76.7 MW Capacity - SolarQuarter
Catalyze Acquires 12 New York Community Solar Projects Totaling 76.7 MW Capacity - SolarQuarter
Catalyze, a clean energy transition company specializing in financing, constructing, owning, and operating solar and battery storage systems, has announced the acquisition of 12 community solar projects in New York. These projects, with a combined capacity of 76.7 MW, were purchased from BW Solar, a company dedicated to developing high-quality renewable energy projects.
The transaction encompasses a portfolio consisting of six pre-construction projects with a capacity of approximately 38.2 MW and another set of six projects, totaling around 38.5 MW, in the early stages of development. Situated in upstate New York, these projects are targeted for commercial operation between 2024 and 2025.
Catalyze plans to utilize its expertise in executing projects in New York while showcasing innovative approaches to solar development to bring these projects to fruition. For instance, one of the projects scheduled for construction this summer will incorporate an all-terrain tracker designed to navigate challenging terrains like steep, undulating hills. This innovative solution aims to reduce construction costs and minimize environmental disruption by mitigating the need for extensive site grading.
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BW Solar’s CEO, Tai Nguyen, expressed satisfaction with the seamless transaction process and highlighted their commitment to executing high-quality renewable energy projects. He looks forward to witnessing the successful implementation of the acquired projects.
Jared Haines, CEO of Catalyze, commended the collaboration with BW Solar and emphasized Catalyze’s commitment to meeting the growing demand for renewable electricity in New York. He anticipates deploying their operational expertise to bring these projects online within the next two years, further advancing the adoption of solar energy in the state and engaging local communities in the process.
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Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.