Five Boralex Solar Farms Totaling 540 MW of Electric Generation and 77 MW of Storage Selected Under a Request for Proposals in New York State
June 02 2022 - 4:27PM
Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) announced
today five solar farms totaling 540 megawatts (MW) of generation
and 77 MW of storage have been selected by the New York State
Energy Research and Development Authority (NYSERDA) as part of its
2021 solicitation for utility-scale renewable energy certificates.
Once constructed, the solar farms will generate more than 1 TWh of
solar electricity annually, enough to power more than 141,200 homes
annually.
The selected photovoltaic solar electricity
generation projects will be located across upstate New York:
- Fort Covington Solar Farm is a 250
MW solar farm paired with a 77 MW storage project. The solar farm
is in the Town of Fort Covington in Franklin County and is
estimated to generate 473,040 MWh annually. Boralex is partnering
with Savion, LLC (“Savion”) to develop the battery energy storage
system, which has an anticipated 308 MWh energy storage capacity,
and will be in the Town of Brookhaven’s hamlet of Yaphank in
Suffolk County.
- Newport Solar
Farm is a 130 MW solar farm in the Town of Deerfield in Oneida
County and Town of Newport in Herkimer County, estimated to
generate 244,842 MWh annually.
- Fort Edward
Solar Farm is a 100 MW solar farm in the Towns of Argyle and Fort
Edward in Washington County, estimated to generate 192,720 MWh
annually.
- Foothills Solar
Farm is a 40 MW solar farm in the Town of Mayfield in Fulton
County, estimated to generate 75,336 MWh annually.
- Easton Solar
Farm is a 20 MW solar farm located in the Town of Easton in
Washington County, estimated to generate 38,369 MWh annually.
Each of these projects offer economic, social,
and environmental benefits both locally and to the state at large.
Development, construction, and operation of these facilities will
create jobs, boost the local economy, and provide significant tax
revenue to the towns, counties, and local school districts.
Further, in line with the company’s
environmental, social and governance priorities, Boralex created
the Beyond Renewables Fund to provide meaningful support to our
host communities, and disadvantaged communities. Resources will be
given to our local partners focused on STEM education and workforce
development programming for the length of our facilities’
operations.
“Today’s announcement solidifies Boralex’s role
in New York State’s energy market during this critical expansion of
renewable electricity generation,” said Patrick Decostre, President
and Chief Executive Officer of Boralex. “These projects showcase
the strategic, creative approaches to solar farm development and
community engagement our reputation is built on. I am proud of the
Boralex team and their efforts to create clean, competitive
energy.”
To further New York State’s goal of 70%
renewable electricity by 2030, NYSERDA launched its fifth request
for proposals April 2021 for the purchase of New York Tier-1
Eligible Renewable Energy Certificates (RECs). RECs represent
renewable electricity entering the electricity grid. Each REC
equals the environmental attributes of one megawatt hour of
electricity generated from a renewable source, such as solar.
Today’s announcement begins a process for Boralex and NYSERDA to
execute 20-year Renewable Energy Standard Agreements for the
purchase of RECs associated with the energy production of the
selected projects. The energy associated with the RECs must be
consumed within New York State. The price of the RECs will be
indexed to a reference energy and capacity price, which will hedge
the projects’ merchant energy and capacity revenues, obviating a
need for the projects to obtain a separate long term offtake
agreement for the sale of energy and capacity. Doreen
M. Harris, President and CEO, NYSERDA said, “The
large-scale solar projects announced today, including five Boralex
projects, bring New York State significantly closer to reaching our
clean energy goals and transitioning us toward a zero-emission
electricity system. NYSERDA looks forward to working with Boralex
to ensure these projects are advanced responsibly and with local
input to allow host communities to realize the critical jobs and
investments that will come from these solar farms.”
“Fort Edward welcomes today’s news and is
excited to be part of an effort to create clean, renewable energy,”
said Fort Edward Town Supervisor Timothy Fisher. “We look forward
to watching the project’s progress and the economic benefits
attached to solar farm development.”
“At Cornell Cooperative Extension, we help our
communities address youth development, economic vitality,
ecological sustainability, and social well-being through
education,” said Brian Gilchrist, Executive Director, Cornell
Cooperative Extension of Washington County, which will receive
funding as part of Boralex’s community engagement plans. “Support
from Boralex and their Beyond Renewables Fund will allow us to
enhance our outreach and expand our programming, and we are excited
to see how this partnership will grow over the next years and
decades.”Before submitting these projects to NYSERDA, Boralex met
with landowners and leaders in host communities to discuss the
potential sites and opportunities. Consultations with stakeholders
will continue throughout the development, construction, and
operation of our sites. These projects are also continually
optimized to ensure they meet the company’s return criteria.
Previously NYSERDA selected Boralex’s Greens
Corners, Sandy Creek, Bald Mountain, and West River Solar Farms in
its 2019 solicitation. In furtherance of Boralex’s strategic plan,
in two years, 720 MW of Boralex greenfield projects have been
selected by NYSERDA as part of its solicitations for utility-scale
renewable energy generation. In addition, Boralex acquired 20 MW
Sky High Solar, further enhancing the New York portfolio. With more
than 1 GW of projects in the development pipeline, Boralex remains
strongly committed to rapidly expanding in this market. Information
on our developing projects in the United States can be found at
WeCreateEnergy.com.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e63104-9fb9-4729-bb13-5812763f263f
About Boralex
At Boralex, we have been providing affordable
renewable energy accessible to everyone for over 30 years. As a
leader in the Canadian market and France’s largest independent
producer of onshore wind power, we also have facilities in the
United States and development projects in the United Kingdom. Over
the past five years, our installed capacity has more than doubled
to 2.5 GW. We are developing a portfolio of more than 3 GW in wind
and solar projects and nearly 200 MW in storage projects, guided by
our values and our corporate social responsibility (CSR) approach.
Through profitable and sustainable growth, Boralex is actively
participating in the fight against global warming. Thanks to our
fearlessness, our discipline, our expertise and our diversity, we
continue to be an industry leader. Boralex’s shares are listed on
the Toronto Stock Exchange under the ticker symbol BLX.
For more information visit www.boralex.com or
www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.
Caution Regarding Forward-Looking
Statements
Some of the statements contained in this press
release, including the execution of the Renewable Energy Standard
Agreements and timing thereof, are forward-looking statements based
on current expectations, within the meaning of securities
legislation. Boralex would like to point out that, by their very
nature, forward-looking statements involve risks and uncertainties
such that its results or the measures it adopts could differ
materially from those indicated by or underlying these statements,
or could have an impact on the degree of realization of a
particular forward-looking statement. Unless otherwise specified by
the Corporation, the forward-looking statements do not take into
account the possible impact on its activities of transactions,
non-recurring items or other exceptional items announced or
occurring after the statements are made. There can be no assurance
as to the materialization of the results, performance or
achievements as expressed or implied by forward-looking statements.
The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under
applicable securities legislation, management of Boralex does not
assume any obligation to update or revise forward-looking
statements to reflect new information, future events or other
changes.
For more information:
Media – CanadaCamille LaventureAdvisor, Digital
CommunicationsBoralex
Inc.438-883-8580camille.laventure@boralex.com |
Investor
RelationsStéphane Milot Director, Investor Relations Boralex Inc. 514
213-1045 stephane.milot@boralex.com |
|
|
Media – US ContactMelissa MansfieldAdvisor, Public
Affairs and CommunicationsBoralex Inc.518
339-7769melissa.mansfield@boralex.com |
|
Source: Boralex Inc.
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