Alternus Clean Energy and Acadia Energy Announce JV to Develop 200 MW of Microgrid Projects in New York State
April 04 2024 - 8:30AM
Alternus Clean Energy (NASDAQ: ALCE) (“Alternus” or the “Company”),
a leading utility-scale transatlantic, clean energy independent
power producer (IPP) and Acadia Energy (“Acadia”), a pioneering
microgrid and renewable energy developer, today announced a
landmark joint venture to co-develop 200 megawatts (MW) of
Sustainability Hub™ microgrid projects in New York State. The
partnership brings together Alternus' deep expertise in renewable
energy development and operations with Acadia's established track
record and pipeline of projects in the region.
"We are thrilled to partner with Acadia Energy
on this exciting initiative to develop and operate 200 MW of
microgrids in New York," said Vincent Browne, CEO of Alternus.
"Acadia's impressive pipeline of renewable, utility-scale energy
projects is precisely the type of asset portfolio we are targeting
as we expand our footprint in the U.S. market. Their deep roots in
the region and proven track record make them an ideal partner as we
work to accelerate the transition to clean energy and support local
economic growth."
The joint venture will focus on developing and
operating a portfolio of microgrid projects over the next 2-3
years. The Acadia microgrids are scalable projects combining
renewable energy and storage, offering green, resilient power to
support local economic growth and sustainability in line with IRA
and CLCPA goals. The projects will provide clean, reliable, and
affordable energy to local communities and businesses in New York
State, supporting economic development and job creation. For more
information and details on how these microgrids will significantly
contribute to addressing upstate New York’s power needs please view
this video: Acadia Energy Overview.
John Bay, CEO of Acadia, expressed enthusiasm
about the partnership, "Joining forces with Alternus Clean Energy
enables us to amplify our impact and accelerate the deployment of
cutting-edge microgrid technology across update New York. Our
shared vision for a sustainable future and Acadia’s extensive
experience in developing a pipeline of over 1.2 gigawatts of
projects provides a solid foundation for this initiative."
Under the terms of the joint venture, Alternus
will hold a 51% majority ownership stake in the projects, while
Acadia will lead the development efforts with oversight from
Alternus. The two companies will share the project costs and equity
requirements equally, with each party contributing 50% of the
necessary financing.
Acadia has an existing potential project
pipeline of over 1.5 - 2.0 gigawatts of renewable energy projects
in New York with an average size of 20 – 50 MW per project, and is
currently in discussions with various regulatory agencies regarding
microgrid implementation.
The projects in the joint venture are expected
to begin achieving commercial operations within 2 years. This
initiative not only signifies a leap towards meeting New York’s
ambitious clean energy targets but also embodies a model for
community-centric energy development, ensuring local communities
benefit directly from these projects.
About Alternus Clean Energy
Alternus is a transatlantic clean energy
independent power producer. Headquartered in the United States, we
currently develop, install, own, and operate utility-scale solar
parks in the North America and Europe. Our highly motivated and
dynamic team at Alternus have achieved rapid growth in recent
years. Building on this, our goal is to reach 3GW of operating
projects within five years through continued organic development
activities and targeted strategic opportunities. Our vision is to
become a leading provider of 24/7 clean energy delivering a
sustainable future of renewable power with people and planet in
harmony. For more information visit www.alternusenergy.com.
About Acadia Energy
Acadia Energy specializes in developing and
deploying microgrids and renewable energy resources, focusing on
solar and clean natural gas solutions to enhance the sustainability
and modernization of the nation's energy infrastructure. By
emphasizing resiliency and reliability, Acadia aims to lower power
costs for municipalities and communities, fostering economic
growth, job creation, and improved quality of life through
sustainable relationships and collaborative problem-solving. With a
deep commitment to partnering with local, state, and federal
governments, Acadia leverages its management team's extensive
experience in mission-critical solutions to develop the microgrid
marketplace. Over the last seven years, Acadia has built strong
relationships with municipalities, Industrial Development Agencies,
and private entities in Central New York, creating a significant
pipeline of potential projects totaling up to two gigawatts. For
more information visit www.acadiasustainableresources.com.
Forward-Looking Statements
Certain information contained in this release,
including any information on the Company’s plans or future
financial or operating performance and other statements that
express the Company’s management’s expectations or estimates of
future performance, constitute forward-looking statements. When
used in this notice, words such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions, as they relate to us or
our management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, the Company’s management. Such statements are based on a number
of estimates and assumptions that are subject to significant
business, economic and competitive uncertainties, many of which are
beyond the control of the Company. The Company cautions that such
forward-looking statements involve known and unknown risks and
other factors that may cause the actual financial results,
performance or achievements of the Company to differ materially
from the Company’s estimated future results, performance or
achievements expressed or implied by the forward-looking
statements. These statements should not be relied upon as
representing Alternus’ assessments of any date after the date of
this release. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
For More Information:
Alternus Investors:Alternus Clean
Energyir@alternusenergy.com +1 (913) 815-1557
Alternus Media:The Blueshirt
Groupalternus@blueshirtgroup.com +1 (323) 240-5796
Acadia Investors & Media:Jim Hibbert,
Director of Public Relations+1 (315) 646-6000
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