NYSERDA plans a large-scale solar project on landfill sites in New York; ArcVera strengthens solar business with Onward Energy deal; Navisun raises $235 million to expand utility scale solar & storage portfolio; OCI Solar Power upgrades operational solar plant with Array Technologies trackers.
Large-scale solar project for New York landfill: The New York State Energy Research and Development Authority (NYSERDA) has entered agreements with Tompkins County in Southern Tier and Orange County in Hudson Valley to potentially host a large-scale solar power plant in New York. Feasibility is to be explored to host the project on 2 municipally-owned sites on closed landfills that are under-utilized. The 112-acre site is located in Tompkins County and remaining 420 acres is spread in the Orange County. NYSERDA is working on this plan through its Build-Ready Program. Through this program, the state is advancing a pipeline of under-utilized sites across the state to be used for solar energy projects. New York aims to have a zero-emission electricity sector by 2040, including 70% renewable energy generation by 2030.
ArcVera's 1.2 GW solar deal: Engineering firm, primarily into wind energy projects, ArcVera has secured a contract from Onward Energy to provide its technical advisory services for the latter's acquisition and financing of the 1.2 GW Global Atlantic Solar PV portfolio. It achieved closure in January 2023. ArcVera says the passing of the Inflation Reduction Act (IRA) legislation is anticipated to lead to a significant demand for quality technical due diligence. "The solar services segment is rapidly expanding at ArcVera and, with that, increasing market demand for reliable, independent engineering services," said Director of Business Development-Global at ArcVera, David Simkins. "There is a strong need for qualified independent engineering teams who have the expertise to manage the myriad details of technical due diligence required at deal-flow pace."
Navisun raises $235 million: Solar independent power producer (IPP) Navisun LLC has secured debt financing of up to $235 million to be used to expand its portfolio of utility scale solar and storage projects. The 1st facility of $105 million is a 5-year revolving construction credit and incorporates up to $50 million accordion feature. This allows the company flexibility to upsize as its portfolio grows. It was led by MUFG which also led the 2nd facility of up to $130 million, a 5-year term loan. It includes a letter of credit and delayed-draw term loan. The 2nd facility also includes up to $75 million accordion feature.
Alamo 2 Solar Farm upgraded: A 4.4 MW AC solar power project, operational since March 2014 has been upgraded by utility scale develop and EPC company OCI Solar Power. The company has equipped the Alamo 2 Solar Farm with state-of-the-art trackers from Array Technologies that the team says has improved its production. The decision to replace trackers was taken after OCI repaired the trackers but mechanical issues did not resolve. Since the upgrade was done in sections, part of the project continued to generate electricity that's being supplied to the grid of CPS Energy. OCI previously upgraded its 39.2 MW AC Alamo 1 Solar Power Plant in 2019. At the TaiyangNews Solar & Sustainability Virtual conference on March 30, 2023, Tomaso Charlemont from Baywa r.e. will talk about Improving Sustainable Value and Profitability of Solar Power Plants through Re-Powering. Free registration here.
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