Today, Boston-based renewable energy project development, finance, and renewable asset owner Kearsarge Energy announced the start of commercial operations for over 34 MW of solar renewable energy and battery energy storage projects.
Read more of our news content, here; ACP releases statement on new renewable energy effective use law
Accordingly, these projects consist of eleven individual projects in Rhode Island and Massachusetts. Besides, Kearsarge energy expects these assets to generate tax and lease revenues for New England municipalities.
Further, the asset owner thinks the projects will allow various actors/customers to receive discounted energy.
One of the projects located in Haverhill, MA., will transform 12 acres of underutilized land at the Haverhill Municipal landfill into a renewable energy producer under the Massachusetts SMART Program. Thus, it will combine photovoltaic energy production (2800 kW AC) plus battery storage (2000 kW AC) to feed 4,650,000 kWh into the utility grid annually.
Moreover, in partnership with the city of Haverhill, energy savings, lease revenue, and tax income will generate $3.9 million over the next 20 years.
Another project will leverage a sustainable energy model and a haven for pollinators and grazers in Tiverton, RI. Particularly, the site will provide habitat for local wildlife and accommodate grazers and pollinators. Sized at almost 3 MW DC, the site will also produce nearly 4 million kWh per year, reducing CO2 emissions by 3,089 tons per year.
Similarly, Kearsarge will make a major step toward sustainability for iconic Arsenal Yards, Waltham, MA. As part of the Massachusetts SMART Program, the Arsenal Yards installation already generates clean energy that would otherwise release over 1,000 tons of CO2 per year.
Likewise, the asset owner will boost energy savings and enhanced hands-on learning for a prestigious agricultural school. Lastly, Kearsarge signed with the Windsor Congregational Church its financial foundation with solar energy.
Reception in Kearsarge and further projects
In this regard, Andrew Bernstein, Managing Partner of Kearsarge Energy, said; “It has been an extraordinarily productive year for Kearsarge Energy; particularly, with the implementation of 11 projects in Massachusetts and Rhode Island.”
Thus, “our strong construction and financing partnerships were critical to our success in this environment. Besides, we are both gratified and energized to see these sites commence operations for our many stakeholders. Moreover, in 2021/22, we’re setting an even quicker pace with 250 MW in development/construction. Also, in expansion into Maine, New Hampshire, Virginia, Pennsylvania, and Maryland.”
In this regard, Kearsarge said the New England economy is finally the big winner of this move. Particularly amidst a tough year, development and construction generated almost 51 Full-time Equivalents (FTEs) of professional and skilled labor.
However, the projects will continue to require local maintenance and operations staffing for the next 25+ years.
Finally, Kearsarge Energy financed and developed these solar and battery energy storage projects; particularly, by using its own sponsor equity. Also, by partnering with financial institutions for debt and tax equity.
Kearsarge noted that, as it does on all its projects, it will own and operate these assets for the long term. Besides, it underlined its leadership in sustainable energy development and operations in the Northeast.