Scale Microgrid Solutions, a vertically integrated distributed energy platform based in Ridgewood, announced March 7 that it acquired three community solar projects in upstate New York with 14 MW of capacity from Nexus Renewables.
According to the announcement, “This initial acquisition represents the first tranche 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.”
The company also said it issued a notice to proceed under a fixed-price turnkey EPC agreement with an anticipated commercial operations date in the first quarter of 2023.
The projects are expected to generate enough renewable electricity for more than 2,550 households or small businesses in upstate New York.
“This initial acquisition underscores our commitment to provide a full-stack capital solution and demonstrates our capabilities to engage in late-stage project development with valued partners like Nexus Renewables,” Julian Torres, Scale’s chief investment officer, said in a statement.
CEO Ryan Goodman added, “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.”