HOUSTON, December 13, 2023 - Aggreko, the global leader in energy solutions, today announced that the company’s Independent Power Producer Solutions (IPP Solutions) 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 IPP Solutions 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 IPP Solutions 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 IPP Solutions’ existing relationships with the seller, engineering, procurement, and construction (“EPC”) provider, and its financing parties. To close this complex transaction, IPP Solutions 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, IPP Solutions will bring their energy and commercial expertise to ensuring 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, IPP Solutions’ Chief Commercial Officer. “
Jerry Polacek, President of IPP Solutions, added, “the acquisition of these projects strategically supports the growth of IPP Solutions’ 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.”
Independent Power Producer Solutions (IPP Solutions), a division of Aggreko Ltd., develops, owns, and operates utility scale and distributed solar and battery storage projects across the United States. IPP Solutions generates value by providing turnkey energy transition solutions to its customers that deliver affordable, reliable, and clean power. For more information, visit IPP Solutions.