Alternus Clean Energy, Acadia Energy complete Joint Development Agreement

Acadia Energy has completed a Joint Development Agreement with Alternus Clean Energy to co-develop 200 Megawatts of microgrids in upstate New York. The partnership brings together Alternus’ deep expertise in renewable energy development with Acadia’s unique business model and pipeline of projects in the region. Acadia has created an innovative energy deployment model for the creation of microgrids. This new model creates localized, beneficial partnerships, with municipal entities, for the deployment of the microgrids as Sustainability Hubs. The Sustainability Hub acts as an economic development engine for local community’s to attract new businesses by offering low-cost renewable energy, and simultaneously provide much needed energy discounts to the local residents, as well as existing and future businesses, an energy plan for all involved and a win/win scenario for everyone! The model concentrates on the core value proposition of allowing the local community control over the energy generated within their community, rather than sacrificing their property resources to benefit other remote locations or other regions. This first 200 MW phase of projects, which represents approximately $300 million in contract revenue, are in the predevelopment stage whereby property parcels, energy and interconnection assessments have been analyzed, with the two companies equally sharing the project costs, financing, and equity requirements. Acadia is also in discussions with various New York State regulatory agencies regarding microgrid implementation.