RIC Energy, a global independent renewable energy developer and producer, announced the sale of three photovoltaic (PV) plants to Luminace, a leading provider of decarbonisation-as-a-service solutions owned by Brookfield.
The plants, with a combined capacity of 20 MW, are in New York state electric and gas (NYSEG) and national grid service territories in upstate New York. The facilities are expected to provide clean energy to more than 5000 homes participating in the utilities' community solar programs. The total investment in these projects is expected to be more than US$50 million.
“We are excited to be working towards the sustainability goals of New York State and making a significant economic impact in Chautauqua and Cortland Counties through the creation of sustainable jobs and the expansion of the local tax base,” said Jonathan Rappe, CEO of RIC Energy North America. “Additionally, we are pleased to announce our collaboration with the accomplished team at Luminace to expedite the advancement of these projects to the operational phase.”
Luminace acquired RIC Energy’s Hanover II and Pomfret II projects, located in New York’s Chautauqua County, as well as the Cortlandville project in Cortland County, New York. “Our recently announced relationship and associated portfolio with RIC Energy enables access to clean, renewable solar energy to residents and businesses across the central New York region, extends our footprint of Community Solar assets throughout New York State, and continues to expand upon our network of strategic channel partnerships across our key markets in the US,” Commented Brendon Quinlivan, Luminace’s CEO.
RIC Energy has become the second largest developer in the upstate area with more than 600 MW of PV and storage capacity and a total portfolio of more than 2000 MW in the US, where it began operations fourteen years ago.
“RIC Energy’s current portfolio includes nationwide PV and energy storage projects at both the community and utility scale,” said José Luis Moya, Global CEO of RIC Energy. “By expanding our presence in New York, as well as Maryland, Texas, and California, we not only contribute to the energy landscape in those states but also enhance the overall resilience and value of our portfolio. This endeavour underscores our commitment to geographic diversification and technological innovation, reinforcing our position as a leading independent power producer (IPP) in the US market.”
The RIC Energy group has a global presence in a dozen nations on four continents and maintains a developing portfolio of 20 000 MW in PV, green hydrogen, storage, and biogas projects.
This sale follows a recent transaction closed last December by RIC Energy with another renewable energy development group for the sale of three plants totaling 15.5 MW located in upstate New York.
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