Scale Microgrid Solutions, a vertically integrated distributed energy platform based in Ridgewood, on Monday announced it acquired three community solar projects in Upstate New York from Nexus Renewables.
This initial acquisition represents the first tranche of a larger $100 million agreement between Nexus and Scale whereby Scale will fund the development, construction and acquisition of a portfolio of distributed grid-connected solar and battery energy storage projects across the U.S.
The community solar capacity is expected to generate enough renewable electricity to meet the typical demands of over 2,550 households or small businesses in the Upstate New York area. Qualifying residents and businesses will be able to purchase their electricity through cleaner energy sources, providing a sustainable option for those that might not own their own homes or business facilities, have insufficient roof conditions or that might not be able to afford a standalone system.
“This initial acquisition underscores our commitment to provide a full-stack capital solution and demonstrates our capabilities to engage in late-stage project development with valued partners like Nexus Renewables,” says Julian Torres, chief investment officer at Scale.