DSD Renewables has acquired three rooftop solar projects in New Jersey and Connecticut from Dynamic Energy, and intends to acquire another three projects in Massachusetts and Virginia later this year. The six projects, all of which are rooftop installations, total approximately 7.5 MWs.
“Our partnership with Dynamic Energy enables access to clean, renewable solar energy in underserved communities, and extends our footprint in key areas,” says Kevin Hu, Senior Manager of Asset Acquisitions at DSD. “Dynamic Energy’s extensive experience as both a developer and EPC contractor makes them an ideal partner, and we anticipate working on more projects together in the future to amplify our impact.”
Two of the projects are located in New Jersey – a 553 kW system in North Brunswick Township and a 1.99 MW system in Somerset. Both New Jersey project are expected to produce a total of 3,255 MWhs of clean, renewable energy each year, avoiding 2,307 metric tons of carbon equivalent. Both sites are behind the meter installations with prominent commercial PPA offtake, and take part in New Jersey’s Transition Renewable Energy Certificates (TRECs) program.
The third project, a 2.11 MW installation in Milford, Connecticut, will participate in the state’s Shared Clean Energy Facilities (SCEF) program. SCEF, similar to a community solar program, is aimed at providing savings to specific categories of customers, particularly those of low-to-moderate income, low-income services organizations, and those residing in environmental justice communities.
“After evaluating more than 15 portfolio bids, DSD emerged as the best fit for this transaction,” says Sebastian Jano, Senior Vice President of Business Development and Project Finance at Dynamic Energy. “In addition to their competitive valuation, DSD’s national market presence and thoroughness sealed the vetting process. Dynamic looks forward to expanding its partnership with DSD well beyond this initial set of projects.”
Dynamic Energy is handling engineering, construction and procurement for the projects, while DSD will be the long-term owner and operator of the assets. The portfolio is expected to come online in 2022.
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