Alternus Clean Energy And Acadia Energy Announce JV To Develop 200 MW Of Microgrid Projects In New York State
Alternus Clean Energy (NASDAQ:ALCE) ("Alternus" or the "Company"), a leading utility-scale transatlantic, clean energy independent power producer (IPP) and Acadia Energy ("Acadia"), a pioneering microgrid and renewable energy developer, today announced a landmark joint venture to co-develop 200 megawatts (MW) of Sustainability Hub™ microgrid projects in New York State. The partnership brings together Alternus' deep expertise in renewable energy development and operations with Acadia's established track record and pipeline of projects in the region.
"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."
The joint venture will focus on developing and operating a portfolio of microgrid projects over the next 2-3 years. The Acadia microgrids are scalable projects combining renewable energy and storage, offering green, resilient power to support local economic growth and sustainability in line with IRA and CLCPA goals. The projects will provide clean, reliable, and affordable energy to local communities and businesses in New York State, supporting economic development and job creation. For more information and details on how these microgrids will significantly contribute to addressing upstate New York's power needs please view this video: Acadia Energy Overview.
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 1.2 gigawatts of projects provides a solid foundation for this initiative."
Under the terms of the joint venture, Alternus will hold a 51% majority ownership stake in the projects, while Acadia will lead the development efforts with oversight from Alternus. The two companies will share the project costs and equity requirements equally, with each party contributing 50% of the necessary financing.
Acadia has an existing potential project pipeline of over 1.5 - 2.0 gigawatts of renewable energy projects in New York with an average size of 20 – 50 MW per project, and is currently in discussions with various regulatory agencies regarding microgrid implementation.
The projects in the joint venture are expected to begin achieving commercial operations within 2 years. This initiative not only signifies a leap towards meeting New York's ambitious clean energy targets but also embodies a model for community-centric energy development, ensuring local communities benefit directly from these projects.