Aggreko Energy Transition Solutions Completes the Acquisition of Nine Community Solar Projects Across New York State
Aggreko community solar site in Vernon, NY
HOUSTON, Dec. 13, 2023 (GLOBE NEWSWIRE) — Aggreko, the global leader in energy solutions, today announced that the company’s Energy Transition Solutions (“Aggreko ETS”) division acquired a portfolio of nine community solar projects in the state of New York. The ground-mounted installations will total approximately 59 MW of generating capacity when construction of the projects is complete. Along with closing on the acquisition, on November 29 Aggreko ETS successfully connected the first of the nine projects to the grid, a 5.9 MWdc project in the town of Vernon, 40 miles east of Syracuse.
Aggreko ETS is now overseeing the construction of the community-solar projects to ensure they reach commercialization and grid-connectivity within the next year. The opportunity to acquire the projects on a bilateral basis was made possible through Aggreko ETS’s existing relationships with the seller, engineering, procurement, and construction (“EPC”) provider, and its financing parties. To close this complex transaction, Aggreko ETS drew upon their commercial, engineering, and structuring expertise to complete due diligence and negotiate agreements that satisfied competing interests among the various involved parties. Concurrent with closing the acquisition, Aggreko efficiently raised tax equity financing from an institutional investor to de-risk the funding of the transaction.
The nine community solar sites will ultimately enable low-and-moderate income New Yorkers to benefit from clean solar energy without needing to have residential solar installed. In taking over the projects, Aggreko ETS will bring their energy and commercial expertise to ensure the solar projects are constructed in a timely manner.
“We’re thrilled to complete this important transaction, which reinforces Aggreko’s capabilities as an experienced renewable energy developer, owner, and operator that can deftly structure and execute complicated asset acquisitions to scale its business,” said Prashanth Prakash, Aggreko ETS’s Chief Commercial Officer.
Jerry Polacek, President of Aggreko ETS, added, “The acquisition of these projects strategically supports the growth of Aggreko ETS’ community solar segment, which includes a complementary portfolio of assets under development in New York and several other states. Not only does this acquisition expand the scale of our ambitions to provide clean energy to all New Yorkers, but it also establishes relationships with several anchor commercial and industrial subscribers to align with our growing focus as an energy transition solutions provider for C&I customers.”
More information on Aggreko ETS’s scalable investments and partnerships in clean energy can be found at www.aggreko.com/en-us/ets-nam.
About Aggreko
Aggreko is the global leader in providing energy solutions that help businesses grow and communities thrive.
Operating in a rapidly changing energy market where reliable supplies of energy have never been more critical, we provide customers with power and temperature control solutions when, where and for however long they need it.
Using the latest technologies, we combine our innovative thinking with our sector knowledge to help our customers achieve their goals, however complex, through a range of flexible, modular solutions.
We’re investing in more sustainable products, fuels, and services to make greener solutions accessible for our customers, supporting their move to a more sustainable and efficient future.
Founded in 1962, we are headquartered in the UK and employ over 6,000 people worldwide.
For more information, please visit our website at https://www.aggreko.com/en.
Media Contact
Justin Williams
Trevi Communications for Aggreko
justin@trevicomm.com
+1 (978) 539-7157
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d292ce3-e51a-466f-94e4-19c89e4dd42f
