Summary:
Honeywell International has acquired 21 MW DC ground-mount solar power projects in upstate New York from SolarBank Corporation. The three separate 7 MW DC solar power projects are construction ready and expected to operate as community solar sites, selling credits to subscribers. The Projects are also eligible to participate in the NYSUN program to receive NYSERDA incentives. SolarBank will act as the engineering, procurement, and construction (EPC) contractor for the Projects, with a total value of approximately US$41 million. Once completed, the Projects will reduce impacts to the electrical grid and lower greenhouse gas emissions. Homeowners and renters can subscribe to the projects and earn credits on their electric bills, accessing the benefits of solar energy without installing panels on their homes.
Article:
Honeywell International has acquired the proposed 21 MW DC ground-mount solar power projects in upstate New York from SolarBank Corporation. The three projects, known as SB 13-1, SB 13-2, and SB-14, are construction ready and will be developed as separate 7 MW DC solar power projects. The Projects have received positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR). As part of the agreement, SolarBank will act as the engineering, procurement, and construction (EPC) contractor for the Projects, which have a total value of approximately US$41 million.
The Projects will operate as community solar sites, allowing subscribers to purchase credits for the electricity generated. This model enables homeowners and renters to access the benefits of solar energy without installing panels on their homes. The electricity generated by the Projects will feed into the local power grid, providing clean energy to the surrounding area.
The Projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program. This program promotes the development of solar power projects and offers incentives to qualified projects.
SolarBank and Honeywell have an ongoing relationship, and these projects represent the largest ones developed by SolarBank for Honeywell thus far. Dr. Richard Lu, CEO of SolarBank, expressed excitement about partnering with Honeywell to support the transition away from fossil fuels and reduce greenhouse gas emissions.
The completion of the Projects will further advance the growth of community solar in New York State, providing clean and renewable energy options for residents. The sale of the Projects to Honeywell demonstrates the continued investment and commitment to renewable energy development in the region.
Sources:
– “SolarBank Corporation Announces Sale of New York Solar Power Projects to Honeywell International” (SolarBank Corporation)
– “Honeywell Acquires Solar Power Projects from SolarBank Corporation” (Honeywell)
Definitions:
– MW DC: Megawatts of direct current, a unit of electrical power, representing the capacity of a power plant.
– EPC: Engineering, procurement, and construction, a contract model used in the construction industry.
– NYSUN: New York State Unified Solar Initiative, a program by NYSERDA that promotes the development of solar energy projects.
– NYSERDA: New York State Energy Research and Development Authority, a public benefit corporation that promotes energy efficiency and the use of renewable energy in New York State.