Renew, a leading integrated power company in the United States, is developing a national portfolio of Community DG solar projects with 19.0% of the portfolio located in NYS. Renew engaged an investment bank (the “Lead Arranger”) to structure, arrange, and syndicate a term loan to finance the projects when they are placed in service, and NYGB is committing $18.0 million as part of that term loan.
This transaction is among the first large-scale financings for a portfolio of Community DG solar assets and is estimated to support the deployment of up to 15.0 MW of Community DG solar assets in NYS. This deployment is expected to: (i) provide residential subscribers access to reliable, clean, low-cost energy; and (ii) reduce up to 9,280 metric tons of greenhouse gas (“GHG”) emissions annually or up to 232,000 metric tons of GHG emissions over a 25-year project life. The transaction will help to demonstrate viability of the Community DG model, drawing new investors and financial institutions into the marketplace and ultimately lowering the cost of capital. This, in turn, is expected to benefit consumers in the form of broader access to lower-cost clean energy generation.