Alternus Clean Energy Collaborates with Acadia Energy to Develop 200 MW Microgrid Projects in New York
The joint venture will focus on developing and operating a portfolio of microgrid projects over the next 2-3 years.
April 10, 2024. By Abha Rustagi
Vincent Browne, CEO of Alternus, expressed excitement about the initiative, stating, "We are thrilled to partner with Acadia Energy on this exciting initiative to develop and operate 200 MW of microgrids in New York." He emphasized Acadia's impressive pipeline of renewable, utility-scale energy projects, aligning with Alternus' expansion goals in the US market.
The joint venture will focus on developing and operating a portfolio of microgrid projects over the next 2-3 years. These Acadia microgrids will combine renewable energy and storage, providing green, resilient power to support local economic growth and sustainability in alignment with IRA and CLCPA goals. The projects aim to deliver clean, reliable, and affordable energy to communities and businesses in New York State, boosting economic development and job creation.
John Bay, CEO of Acadia, echoed Browne's enthusiasm, stating, "Joining forces with Alternus Clean Energy enables us to amplify our impact and accelerate the deployment of cutting-edge microgrid technology across upstate New York." He highlighted the shared vision for a sustainable future and Acadia's extensive experience in developing renewable energy projects as foundations for the initiative.
Under the terms of the joint venture, Alternus will hold a 51 percent majority ownership stake in the projects, while Acadia will lead the development efforts with oversight from Alternus. Both companies will share project costs and equity requirements equally, contributing 50 percent of the necessary financing.
Acadia boasts an existing potential project pipeline of over 1.5 – 2.0 GW of renewable energy projects in New York, with an average size of 20 – 50 MW per project. Discussions with regulatory agencies regarding microgrid implementation are already underway. The projects within the joint venture are expected to commence commercial operations within 2 years.
please contact: contact@energetica-india.net.
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