New Partnerships Will Yield 250 MW of Solar in New York State by 2025
Vermont Business Magazine Vermont-based Bullrock Renewables, having already developed more than 130 megawatts of solar projects, announced the formation of a joint venture with Missouri-based NXTGenREA and New York-based Delaware River Solar to construct, own and operate 250 megawatts of solar projects throughout New York State by 2025.
The three companies will develop, construct and own one of the largest community solar portfolios in the US.
“We are excited about this opportunity’’ said Bullrock Founder and Chairman Gregg Beldock. “This partnership brings together decades of expertise in the financing and development of solar projects across the country. We plan to expand beyond this first tranche of projects.’’
Bullrock CEO Ross Sanner said the partnership is part of an aggressive growth strategy at the company, which builds, owns, and operates solar energy projects throughout the United States. The South Burlington company takes a vertically integrated approach to solar, which allows for faster, more efficient engineering, construction, funding, and utilization of tax equity.
“Renewable energy, specifically solar, is boosting the economy, creating jobs, and leaving the world a better place,’’ Sanner said. “We look forward to continuing to expand our relationships in the clean energy sector as we continue to scale this exciting company.’’
The three companies have successfully delivered more than $1.5 billion of solar assets since 2012, making the group one of the largest private entities in the space.
The 250 megawatts of solar projects slated to be built in New York State include 120 megawatts that will be completed by the end of 2024 and 130 megawatts that will be operational by March 2025.
The joint venture continues to explore solar expansion opportunities. In addition to the 250 megawatts in New York State, Beldock, Sanner, and NXTGenREA are negotiating acquisitions and partnerships, leading to an additional 300 megawatts of projects nationwide.
Our Joint Venture Companies
Bullrock Renewables: (a division of Vermont-based Bullrock Corporation) Over the last decade, Bullrock Renewables has developed and constructed 130 megawatts of solar projects in New England and New York. The company focuses on four solar and renewables industry areas: new development, construction, purchasing existing assets, and lending.https://www.bullrockrenewables.com/
NXTGenREA: XGR is a new renewable and finance platform built upon over 30 years of renewable technology and tax enhanced investment expertise. XGR founders have led innovation in renewable finance and structure, with over 300 solar properties successfully financed since 2011. XGR brings structured finance integrated with flexible tax equity partnerships.
Delaware River Solar: For the last six years, Delaware River Solar has been bringing green renewable energy directly to residents and businesses in New York State and saving them money on their electric bills in the process. Over this period of time, Delaware River Solar has built over 45 solar farms and currently serves over 20,000 customers, making them New York’s leading provider of community solar power. https://delawareriversolar.com/
SOUTH BURLINGTON, Vermont, February 1, 2023 - Bullrock Renewables
