AES DE is an experienced project developer, owner, and operator of renewable energy projects, and is actively managing a project portfolio that consists of community solar, utility scale, and municipal solar projects – including 33.7 MW of community solar in NYS. NYGB’s US$50.0 million commitment in the Term Loan is expected to support a total of 41 distributed solar projects across New York, Massachusetts, and Rhode Island, including 14 distributed solar projects – totaling 46.1 MW – in NYS, which will deliver considerable benefits to New Yorkers. In addition, three of the projects in the AES DE portfolio currently under construction will support clean energy generation in New York State parks. All of these projects will be made in support of corporate goals set by AES DE’s parent company, AES Corp. which aims to decrease its carbon intensity 70% by 2030.
This transaction provides substantial liquidity to an experienced project developer focused on increasing its renewable energy project holdings. Additionally, this transaction will help NYGB continue to demonstrate the viability of community distributed generation projects in NYS, draw new investors into the marketplace, and ultimately lower the cost of capital. Increased solar deployment will continue to drive activity in the State which will help NYS meet its 6 GW solar target by 2025. Consumers are expected to be the ultimate beneficiaries in the form of broader access to lowercost clean energy generation, with corresponding resiliency, affordability, choice, and environmental benefits.
