The 8.5 MW Houston, AK project will provide affordable clean energy to the community of Matanuska-Susitna Valley.
NEW YORK and LAS VEGAS, Sept. 12, 2023 /PRNewswire-PRWeb/ -- CleanCapital, a diversified clean energy company, announced today at RE+ 2023 the addition of an 8.5 megawatt (MW) solar project in Houston, Alaska to its operating portfolio after a ribbon cutting ceremony on August 29, 2023 marked its interconnection to the local utility grid. The solar project—the largest ever built in the state—was developed and constructed by Renewable IPP (RIPP), an Alaska-based solar developer. CleanCapital provided financing for the project construction and serves as the long-term owner-operator of the site. In addition to construction financing, CleanCapital's investment funded RIPP's operations to accelerate the development of its pipeline in Alaska. Matanuska Electric Association (MEA) will purchase cost-competitive power from the project to benefit its members. The project was also supported by a loan from the Alaska Energy Authority (AEA).
"Since its inception, CleanCapital has been driven by a mission to accelerate the transition from fossil fuels to clean, renewable energy. I cannot imagine a better illustration of the importance of that mission than bringing solar to an oil and gas-centric state where the impacts of climate change are so vividly felt," stated Thomas Byrne, CEO at CleanCapital. "This project demonstrates the viability and economic rationale for adopting solar in Alaska, and we are proud to have played a role in building such a historic project."
While oil and natural gas are central to Alaska's economy and remain Alaska's primary energy sources, residents and state leaders alike recognize the need to diversify the state's energy generation. Today, 70%-80% of South Central Alaska's power and most of its heat is generated using a single source: Cook Inlet natural gas. Cook Inlet natural gas producers have cautioned about depleting resources, and importing natural gas would further increase the region's high energy costs. Until now, the state had not built wind or solar projects at the scale needed to help the state meet its diversification and energy supply needs. The Houston solar project will help lead the way to a new energy mix within the state while providing lower-cost energy to the local community of Matanuska-Susitna Valley.
"We are thrilled at the cohesive partnerships formed among RIPP, CleanCapital, AEA, and MEA that resulted in the completion of this historic solar project," said Jennifer Miller, CEO at Renewable IPP. "We took special care and consideration when constructing this project to take full advantage of the unique location and combat the typical challenges of bringing renewables to Alaska. This project is the largest of its kind in the state and we aim to continue developing cost competitive renewable energy projects to shore up Alaska's energy supply and suppress energy prices for residents and local businesses."
"MEA is excited to partner with Renewable IPP to expand the amount of clean energy on our system," said Tony Izzo, Chief Executive Officer of Matanuska Electric Association. "Member surveys indicate people want MEA to produce more power with renewable energy, but not at an additional cost. We believe this project achieves that goal while helping MEA responsibly meet the board's clean energy targets
CleanCapital is focused on investing in early-stage development, new construction, and operating solar and energy storage projects as well as partnering with developers to foster future pipeline opportunities. For more information about solar and storage financing solutions, visit https://cleancapital.com/project-acquisition/ why-cleancapital/ [https://cleancapital.com/project-acquisition/ why-cleancapital/ __title__ https://cleancapital.com/project-acquisition/ why-cleancapital/].
About CleanCapital
CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. The company has successfully acquired and managed over 230 operating and new construction projects in 26 states and one U.S. territory, totaling 460 MW. More information about CleanCapital can be found at https://cleancapital.com/
About Renewable IPP
Renewable Independent Power Producers (RIPP), founded in 2017 by CEO Jenn Miller, develops and constructs solar farms in Alaska. As a CleanCapital partner company, Renewable IPP has played a pivotal role in shaping Alaska's clean energy landscape. The company's flagship project, the 1.2 MW Willow Solar Farm, made history as the largest solar array in the state when it was built in 2018. The 8.5 MW Houston Solar Farm, completed in August of 2023, delivers clean, renewable power to over 1,400 homes. By delivering both projects under budget and below L48 benchmarks, Renewable IPP has proven that solar is economic in Northern latitudes. With CleanCapital's backing, RIPP will continue decarbonizing Alaska with future solar projects. More information about RIPP can be found at https://www.renewableipp.com/
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SOURCE CleanCapital
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