CVE North America Announces the completion of a 41-megawatt New York Solar Portfolio acquisition from Saturn Power
December 12th, 2022 – CVE North America (“CVE”), an independent solar power producer based in New York City, announced today that it completed the acquisition of a portfolio of solar PV projects in upstate New York from Saturn Power Corporation. The portfolio consists of seven community solar projects located throughout National Grid utility territory, totaling 41 megawatts (MW). Saturn Power developed the projects to Notice to Proceed (NTP) status and CVE will begin construction by the end of 2022.
CVE will own and operate the portfolio and will work with third party providers to construct the projects and acquire community solar subscribers.
The projects are set to participate in the New York Value of Distributed Energy Resources (VDER) program, a mechanism launched by the New York State Energy Research and Development Authority (NYSERDA) to encourage and support energy created by distributed energy resources like solar installations. Under this program, all seven installations will be community solar projects and help subscribers, especially low to moderate-income households, save money on their utility bills.
Through community solar programs customers can enjoy the benefits of lower cost energy from renewable resources without the need of installing their own solar system. By subscribing to local community solar farms and supporting local solar development, customers receive credits on their utility bills for their share of the power that is produced, just as if the panels were on their own roofs.
In addition to delivering clean energy locally, the portfolio will provide employment opportunities as well as community and environmental benefits. Once complete, the portfolio will produce enough clean energy per year to power approximately 8,500 homes and offset the equivalent of over 9,000 passenger vehicles’ emissions.
“These community solar projects represent a significant milestone in Saturn’s push towards creating a more sustainable environment and we are proud of the hard work that our amazing team has exhibited in originating and developing this portfolio.” said Doug Wagner, President & CEO for Saturn Power. “Saturn will continue to work closely with CVE to ensure this portfolio is successful in progressing through the next stages of procurement, and construction on through to commercial operation, ensuring long-term benefit for these local communities along with strengthening the footprint of renewable energy in North America”.
“With this acquisition, CVE is accelerating its participation in the United States’ largest and most active community solar market, the State of New York. This consolidates the company’s position as a distributed clean energy producer committed to delivering energy and environmental services to households, businesses, and municipalities. The portfolio will help contribute to a more equitable clean energy transition by expanding New York residents’ access to affordable solar power.” said Thibaut Delespaul, General Manager of CVE North America.
The seven projects acquired are part of a broader CVE portfolio of thirteen projects in New York State totaling 73MW, all of which will be under construction between 2022 and early 2023. These projects will join CVE’s operating portfolio of 9 Massachusetts community solar projects totaling 37MW, and its development pipeline of more than 250MW across several states.
About CVE North America
CVE North America is an independent solar power producer based in New York City since 2017. It has the personal attributes of a small to medium sized company and the skills, experience, and financial assets of a large group. The company currently has plans to expand to over 450 MW across the United States by 2026. CVE draws on the international expertise of its parent company, CVE Group, which has been recognized for financing, building and operating ground-mounted solar installations in communities for 12 years. CVE Group has over 550 MW in operation and construction in France, Chile, South Africa, and the US. CVE Group is invested to ensure the highest environmental and qualitative performance. It is ISO 9001 (quality management system) and ISO 14001 (environmental management system) certified.
To learn more, visit www.cvenorthamerica.com.
About Saturn Power
Saturn Power, founded in 2007 and based in Baden, Ontario, Canada, has over 600 MW of renewable energy generation and storage projects in development, built or operating, including solar, battery storage and wind power projects in Canada, Bermuda, the United States and Turkey. The company also has expertise in project financing, engineering, procurement, and construction as well as the operation and maintenance of existing renewable assets. To learn more, visit www.saturnpower.com.
Press Contacts:
CVE North America
Shadé Jaiyeola
Saturn Power
Devin Petteplace
devin.petteplace@saturnpower.com
For Development Opportunities, Contact:
CVE North America
David Froelich
Director, Business Development
Saturn Power
Pat Goodale
Director Asset Acquisition and Strategy