sPower acquires solar projects from National Grid Renewables in New York

11 December 2020 (Last Updated December 11th, 2020 14:13)

Independent power producer sPower has announced the acquisition of nearly 1GW of solar power projects in New York from National Grid Renewables.

sPower acquires solar projects from National Grid Renewables in New York
The nine solar farms acquired by sPower will come fully online between December 2022 and the end of 2023. Credit: Zbynek Burival on Unsplash.

Independent power producer sPower has announced the acquisition of nearly 1GW of solar power projects in New York from National Grid Renewables.

The company acquired the nine solar farms in upstate New York. These lie across Franklin, Jefferson, Chautauqua, and Lewis counties, among others.

Out of the nine projects, six are in the early stages of the Article 10 permitting application process. The entire portfolio will come online between December 2022 and December 2023.

Financial details of the deal have not been disclosed by either company.

sPower M&A vice-president Brian Callaway said: “As one of the largest portfolio acquisitions in sPower’s history, this is a tremendous feat. It was made possible through the hard work of our team and collaboration with National Grid Renewables.

“This transaction highlights our leadership in strategic acquisitions and partnerships, as part of our holistic renewable energy development strategy.”

The acquisition news comes after sPower announced a merger with AES’ US-based clean energy development business. Subject to customary closing conditions, the merger will close in the next few months.

AES clean energy president Leo Moreno said: “Our merged renewables platform will bring together sPower and AES’ differentiated capabilities in solar, wind, and energy storage. Through this platform, we look to accelerate the transition to a carbon-free future, a vision we share with New York State.

“We are thrilled to further expand in New York. We look forward to building a platform that is uniquely positioned to help the state realize its goal of 70% renewable energy by 2030.”