Scale Microgrid Solutions (“Scale”), a portfolio company of Warburg Pincus, today announced that it has acquired three community solar projects in upstate New York with 14MW capacity of Nexus Renewables (“Nexus”).
RIDGEWOOD, New Jersey, March 07, 2022–(BUSINESS WIRE)–This initial acquisition represents the first tranche of a larger $100 million agreement between Nexus and Scale, under which Scale will fund the development, construction and acquisition of a portfolio of storage projects. grid-connected solar and battery power distributed across the United States. In conjunction with the acquisition, Scale has issued a notice to proceed under a turnkey, fixed-price EPC agreement with an expected commercial operation date in the first quarter of 2023.
The community’s solar capacity is expected to generate enough renewable electricity to meet the typical demands of more than 2,550 households or small businesses in the upstate New York area. Eligible residents and businesses will be able to purchase their electricity through cleaner energy sources, providing a sustainable option for those who may not own their own home or commercial facilities, have insufficient roof conditions, or may not not be able to afford a stand-alone system.
“This initial acquisition underscores our commitment to providing a comprehensive capital solution and demonstrates our capabilities to engage in late-stage project development with valued partners like Nexus Renewables,” said Julian Torres, Chief Investment Officer at Scale.
“Investing in community solar is an important part of the mission here at Scale – these projects allow us to make renewable energy more accessible to everyone and help address one of the greatest challenges facing humanity. So as we add to our rapidly growing distributed solar array and energy storage projects across the United States, we are proud to add Nexus as a trusted partner,” said Ryan Goodman, CEO of Scale.
About Scale Microgrid Solutions: Scale is a vertically integrated distributed energy platform, whose primary focus is the design, construction, financing, ownership and operation of advanced distributed energy assets that deliver cheaper, cleaner energy and more resilient. Their team of energy and financing experts accelerates the growth of distributed energy projects by providing financing to technology providers, energy developers and OEMs, while directly helping large energy customers take in charge of their energy infrastructure and sustain their activities.
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