Hanwha Solutions Subsidiary Acquiring Four Community Solar Projects Totaling 25 MW in New York
South Korean solar cell manufacturer QCells is acquiring four ground-mount projects planned to deliver about 25 MW of future community solar power in upstate New York.
QCells is buying the projects from SolarBank Corp. through an affiliate. The buyer is a subsidiary of South Korea technology firm Hanwha Solutions.
The projects—known as Gainesville, Hardie, Rice Road and Hwy 28—have received positive interconnection results through a completed Coordinated Electric System Interconnection Review (CESIR). They will be developed as four separate solar power projects.
SolarBank will continue to build the projects for Qcells all the way to commercial operation through engineering, procurement, and construction (EPC) agreements. The sale of the projects and EPC agreement are worth approximately $49.5 million.
SolarBank also expects to retain an operations and maintenance contract for the projects upon completion of construction.
“With a commitment of nearly $2.8 billion, we are working hard to onshore production of the solar supply chain from ingots and wafers to cells and finished panels,” said Jin Han, Corporate Officer, head of distributed energy at Qcells North America, in a statement. “Each step we take strengthens domestic solar manufacturing, drives the clean energy transition and brings us closer to a sustainable future for all."
The projects will be operated as community solar projects, once completed. They are expected to be eligible for incentives under the New York State Energy Research and Development Authority NY-Sun Program.
Qcells will pay the purchase price for the projects, and construction costs under the EPC agreements, in stages. SolarBank is required to reacquire the projects subject to retention of an initial payment, if Qcells does not get the necessary financing.
Community solar power generation is subscribed by nearby customers including residential and commercial subscribers. It offers a less costly connection to carbon-free energy than rooftop solar and also is valued for a more local, direct resource than larger utility-scale renewable energy projects.
New York reportedly leads the nation in community solar capacity with more than 6.2 GW (6,200 MW) installed, according to the state’s Energy Research and Development Authority (NYSERDA).
