NRG Renew to grant $25 mn to SunShare for solar gardens

NRG Renew has entered into a deal to grant $25 million to SunShare for expanding its community solar portfolio almost up to eight times.

Under the transaction, NRG Renew will provide financial aid to develop five new solar garden projects: four in the metro Denver area and a 2-megawatt one in Colorado Springs.

The partnership is expected to develop 100 acres of solar panels that will generate 10 megawatts of electricity, enough to power 1,600 homes.

NRG will gain a considerable equity stake in the projects in exchange of the financial benefit.

Solar gardens help to supply solar energy to businesses, nonprofit groups and residents without building their own systems.

SunShare-Community-Solar

Customers of SunShare can purchase shares in the electricity generated by the firm’s solar gardens for which they receive credits on their utility bills based on the amount of solar power produced.]

Even, larger commercial customers can avail savings of 10 percent to 15 percent by purchasing solar power.

SunShare already owns 1.2 MW of solar energy portfolio, which includes two 0.5 megawatt community solar gardens in Colorado Springs.

This is the second transaction in recent weeks in which a major renewable-energy firm has invested in Colorado solar.

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Last month, First Solar acquired a minority stake in Clean Energy Collective that has developed 
45 solar projects in eight states.

University of Colorado at Colorado Springs recently completed a Climate Action Plan that included greenhouse gases emissions of 20 percent by 2020, 50 percent by 2030 and 80 percent by 2050.

Colorado Springs Utilities (CSU) has taken up several projects that produce renewable energy from waste products. CSU offers a number of conservation programs and money saving rebates. CSU purchases renewable energy credits in large-scale, allowing customers to offset their electrical usage for $0.34 per REC (100 kilowatt hour).

Last week, SunShare has entered into a strategic partnership with Mortenson construction firm for establishing community solar gardens in Minnesota.

Mortenson will serve as the EPC contractor whereas SunShare will develop, finance and own the solar gardens.

The renewable electricity generated will be supplied to Xcel Energy as part of its community solar program spread across various counties.

Sabeena Wahid
[email protected]