Acadia Energy Announces JDA to Develop 200 MW of Microgrids in New York State
AUBURN, N.Y., May 09, 2024 (GLOBE NEWSWIRE) -- Acadia Energy Corporation (OTC:AECX) ("Acadia"), a Smart Energy Integration company, announced today that it has completed a Joint Development Agreement (JDA) with Alternus Clean Energy (NASDAQ:ALCE) ("Alternus") to co-develop 200 Megawatts (MW) of microgrids in upstate New York. The partnership brings together Alternus' deep expertise in renewable energy development with Acadia's unique business model and pipeline of projects in the region.
Acadia has created an innovative energy deployment model for the creation of microgrids. This new model creates localized, beneficial partnerships, with municipal entities, for the deployment of the microgrids as Sustainability Hubs.
The Sustainability Hub acts as an economic development engine for local community's to attract new businesses by offering low-cost renewable energy, and simultaneously provide much needed energy discounts to the local residents, as well as existing and future businesses, an energy plan for all involved and a win/win scenario for everyone!
The model concentrates on the core value proposition of allowing the local community control over the energy generated within their community, rather than sacrificing their property resources to benefit other remote locations or other regions. Energy generated in your neighborhood, for your neighbors!
"We are thrilled to partner with Acadia Energy on this exciting initiative to develop and operate 200 MW of microgrids in New York," said Vincent Browne, CEO of Alternus. "Acadia's impressive pipeline of renewable, utility-scale energy projects is precisely the type of asset portfolio we are targeting as we expand our footprint in the U.S. market. Their deep roots in the region and proven track record make them an ideal partner as we work to accelerate the transition to clean energy and support local economic growth."
John Bay, CEO of Acadia, expressed enthusiasm about the partnership, "Joining forces with Alternus Clean Energy enables us to amplify our impact and accelerate the deployment of cutting-edge microgrid technology across update New York. Our shared vision for a sustainable future and Acadia's extensive experience in developing a pipeline of over 1.4 Gigawatts (GW) of projects provides a solid foundation for this multi-phase initiative, which will be implemented in 200 MW phases."
This first 200 MW phase of projects, which represents approximately $300 million in contract revenue, are in the predevelopment stage whereby property parcels, energy and interconnection assessments have been analyzed, with the two companies equally sharing the project costs, financing, and equity requirements. Acadia is also in discussions with various New York State regulatory agencies regarding microgrid implementation.
We expect to begin commercial operations within 2 years. This initiative not only signifies a leap towards meeting New York's CLCPA clean energy targets but also represents a model for community-centric energy development, ensuring local communities benefit directly from their resources.
About Acadia Energy
Acadia Energy specializes in developing and deploying microgrids and renewable energy resources, focusing on solar and clean natural gas solutions to enhance the sustainability and modernization of the nation's energy infrastructure. By emphasizing resiliency and reliability, Acadia aims to lower power costs for municipalities and communities, fostering economic growth, job creation, and improved quality of life through sustainable relationships and collaborative problem-solving. With a deep commitment to partnering with local, state, and federal governments, Acadia leverages its management team's extensive experience in mission-critical solutions to develop the microgrid marketplace. Over the last seven years, Acadia has built strong relationships with municipalities, Industrial Development Agencies, and private entities in Central New York, creating a significant pipeline of potential projects totalling up to two gigawatts. For more information visit www.acadiasustainableresources.com
About Alternus Clean Energy
Alternus is a transatlantic clean energy independent power producer. Headquartered in the United States, we currently develop, install, own, and operate utility-scale solar parks in the North America and Europe. Our highly motivated and dynamic team at Alternus have achieved rapid growth in recent years. Building on this, our goal is to reach 3GW of operating projects within five years through continued organic development activities and targeted strategic opportunities. Our vision is to become a leading provider of 24/7 clean energy delivering a sustainable future of renewable power with people and planet in harmony. For more information visit www.alternusenergy.com.
Legal Notice: "Forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 may be included in this release. These statements relate to future events or financial performance; are based on current expectations/projections about Acadia and its industry; and may differ materially from actual future results or events. Such words as "expects", "believes", and "anticipates" are intended to identify these statements. Acadia disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise.
Source: Acadia Energy Corporation
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, a description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Contact:
James Hibbert - Investor Relations
Acadia Energy Corporation Phone: 315.646.6000 Ext 7
