Radial Power has announced the acquisition of four community solar projects with a combined capacity of 22.3 megawatts (MW) from Galehead Development in New York.
New York's Clean Energy Goals Through VDER Program
The acquired portfolio consists of four solar projects eligible for the Value of Distributed Energy Resources (VDER) program - New York's system for compensating energy produced by distributed energy resources. These solar projects already have the necessary permits and Radial Power will manage their final development and construction.
The VDER program is crucial in New York's shift towards a more sustainable and resilient energy system. This transaction highlights the dedication of both Radial Power and Galehead to promoting renewable energy and supporting the state's clean energy objectives. Galehead collaborated closely with local communities and National Grid to develop these projects, securing approvals and creating long-term cost-saving benefits for local customers, communities, and utilities.
“Radial Power is proud to advance New York's energy transition with this portfolio of reliable, emissions-free solar power projects. This exciting collaboration with Galehead represents our commitment to delivering clean energy solutions to our customers that support renewable energy targets and help decarbonize our built environment," said Radial Power CEO John Bates.
Galehead and Radial Power Expand VDER Solar Portfolio
Galehead owns and will continue to manage the land assets for 14 MW of the portfolio through its Century LandCo. Under the framework agreement between Galehead and Radial Power, an additional 18.3 MW of VDER community solar capacity is expected to be finalized before the end of the year.
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"This transaction highlights our shared dedication to providing thoughtful siting, real estate financing and development solutions to meet ambitious renewable energy targets. We are thrilled to collaborate with Radial Power on the successful commercialization of this portfolio" said Galehead CEO Matt Marino.
Partnerships’ Commitment to Sustainability
Radial Power is a privately owned developer and operator of distributed clean energy assets founded in 2022. The company specializes in assisting owners of large real estate portfolios in developing energy programs across various U.S. states and utility regulatory jurisdictions to meet their ESG, climate and renewable energy goals. Radial Power offers turnkey integrated commercial and industrial solutions, including the development, ownership and operation of photovoltaic solar, battery energy storage systems (BESS) and EV charging solutions. The company operates offices in Houston and New York.
Galehead is a leading platform for upstream development specializing in the planning, management and delivery of renewable generation resources and low-carbon infrastructure. Utilizing its proprietary LandCommand® software, Galehead effectively reduces project development risks, costs and timelines. Since its inception in 2016, the company has developed and monetized 7 GW of solar PV, wind and co-located storage projects. Galehead continues to advance new greenfield projects and enhance LandCommand® applications through its network of downstream partners across the U.S.