Energy firm Standard Solar has acquired a 4.9-MW community solar project from Freepoint Solar in Rhode Island.
Standard Solar says the move is part of efforts to expand its community solar portfolio in the state and help meet its goal of transitioning to 100-percent renewable energy by 2030.
Located in Richmond, the Woodville ground-mounted community solar project will allow customers to offset their electricity bills with clean energy, providing relief from rising energy costs.
Standard Solar will serve as the long-term owner and operator of the project, which is expected to be completed in the summer of 2023.
The solar project, part of Rhode Island’s Renewable Energy Growth Program, is expected to produce 7,700 MWh of clean energy per year, equivalent to the annual electricity use by 648 households or comparable to the carbon emissions of more than 3.6 million pounds of coal.
The project is also expected to generate new long-term investment, savings and job growth opportunities.
“Providing much-needed relief from rising energy costs to customers is critical to furthering the clean energy economy, and collaborating with partners like Freepoint Solar brings us a step closer to that goal,” said Harry Benson, Director of Business Development, Standard Solar. “This project, which will serve hundreds in the community, plays a significant part in transitioning Rhode Island into a 100 percent renewable energy state and will help reach its goal of being the first state in the nation to do this by 2030.”
Rockville, Maryland-based Standard Solar was acquired by private equity investor Brookfield Renewable in 2022.
Last month, it was announced that Microsoft and Nike would subscribe to a Standard Solar project in Oregon.
Freepoint Solar, the solar energy development affiliate of Freepoint Commodities, originates and develops distributed and utility-scale projects in the Northeastern U.S. located near population centers to help satisfy the growing demand for renewable power.
