RIC Energy sells seven solar plants in New York to Radial Power for over $85m
RIC Energy, a globally recognized independent renewable energy developer and producer, has recently completed the sale of seven photovoltaic plants in upstate New York to Radial Power, a pioneer in distributed energy with a focus on decarbonizing large real estate portfolios. This strategic transaction encompasses a total solar power capacity of 34 MW and represents a significant advancement in clean energy provision to the region, with an investment surpassing $85 million.
These solar facilities are strategically located across the upstate New York area, designed to deliver 100% clean energy to over 8,000 homes through community solar programs affiliated with local utilities. This move not only amplifies RIC Energy’s impact in the renewable sector but also contributes to the energy sustainability and independence of upstate New York communities.
With this transaction, RIC Energy underscores its status as the second-largest developer in the upstate New York area, boasting over 600 MW of photovoltaic and storage capacity. The company’s robust portfolio in the United States, where it initiated operations fourteen years ago, now exceeds 2,000 MW. This growth reflects RIC Energy’s commitment to expanding its renewable energy footprint across the nation, providing sustainable solutions and energy savings.
Jonathan Rappe, CEO of RIC Energy North America, expressed enthusiasm about the transaction’s community impact, emphasizing the collaboration with Radial Power in delivering a blend of clean energy, job creation, and energy bill reductions. José Luis Moya, Global CEO of RIC Energy, highlighted the strategic significance of this expansion, aligning with the company’s goals for geographical diversity and technological innovation in the renewable energy market.
RIC Energy’s global presence extends across four continents, with a development portfolio that includes 20,000 MW in photovoltaic, green hydrogen, storage, and biogas projects. This international perspective reinforces the company’s ambition to be a leading independent power producer (IPP) in the renewable energy sector, driving technological innovation and sustainable practices worldwide.
The sale of RIC Energy’s solar plants to Radial Power marks a pivotal step towards reinforcing renewable energy infrastructure in upstate New York. This partnership not only signifies a substantial investment in clean energy but also demonstrates the potential for renewable energy projects to stimulate local economies, create sustainable jobs, and reduce energy bills for thousands of homes. As RIC Energy continues to expand its diverse portfolio in the US and globally, its initiatives serve as a model for the industry, showcasing the importance of strategic partnerships and investment in renewable energy technologies.