A Strategic NY Community Solar Acquisition

With the world's increasing demand for energy, the need for resilient and renewable energy sources has become more critical than ever. Traditional energy sources, such as fossil fuels, emit high levels of emissions, and the transition to more renewable energy sources is crucial in the global quest for a more sustainable future.

Independent Power Producer Solutions (IPP Solutions) recognized this challenge and took a significant step towards achieving its commitment to sustainable energy by acquiring nine community solar projects in New York State, solidifying their position in the evolving energy landscape.

The acquired portfolio provides a total energy capacity of 59 MWdc, with each of the nine community solar projects providing around 5-6 MWdc.

These projects are installed offsite and connected to the grid, providing local, affordable clean energy and offsetting customers' electric bills with predictable rates. The first project, located in Vernon, Syracuse, is already grid-connected, while the remaining eight are scheduled for commercialization in 2024.

Aggreko’s investment in these community solar projects provides access to local, clean energy for a range of consumers, including those who may not have the ability to install solar panels on their rooftops. The acquisition also supports New York's ambitious renewable energy goals, including achieving 70% electricity from renewable resources by 2030.

This acquisition marks Aggreko's commitment to significantly expanding their renewable energy portfolio. The company's expertise in developing, owning and operating renewable energy projects enables it to deliver reliable, cost-effective, and sustainable energy solutions to its customers. It also demonstrates Aggreko's ability to structure and execute complicated asset acquisitions to scale its business.