Scale Microgrid Solutions (“Scale”), a Warburg Pincus portfolio company, announced today that it has acquired three community solar projects in Upstate New York with 14 MW of capacity from Nexus Renewables (“Nexus”).
This initial financing represents the first $22 million (USD) of a larger $100 million agreement between Nexus and Scale whereby Scale will fund the development, construction, and acquisition of a portfolio of distributed grid-connected solar and battery energy storage projects across the United States. Concurrent with the acquisition, Scale has issued notice to proceed under a fixed-price turnkey EPC agreement with an anticipated commercial operations date in the first quarter of 2023.
The community solar capacity is expected to generate enough renewable electricity to meet the demands of over 2,550 households or small businesses in the Upstate New York area. Qualifying residents and businesses will be able to purchase their electricity through cleaner energy sources, providing a sustainable option for those that might not own their own homes or business facilities, have insufficient roof conditions or that might not be able to afford a standalone system.
“Investing in community solar is an important part of the mission here at Scale - these projects allow us to make renewable energy more accessible to all, and help to address one of the largest challenges facing humanity. As we add to our rapidly growing distributed solar and energy storage projects across the United States, we're proud to add Nexus as a trusted partner,” says Ryan Goodman, CEO at Scale.
About Scale Microgrid Solutions: Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Their team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers to take charge of their energy infrastructure and future-proof their businesses.
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