The deal comprises six projects in pre-construction phase and six projects in development, totaling 76 MWs slated for commercial operation beginning in 2024
TORONTO, ONTARIO 23 April 2024 – BW Solar today announced the sale of 12 New York community solar projects with a combined capacity of 76.7 MW to Catalyze, a clean energy transition company that finances, builds, owns and operates solar and battery storage systems.
The transaction includes a portfolio of 6 ~38.2 MW pre-construction projects and another group of 6 ~ 38.5 MW projects in early-stage of development, located in upstate New York. The group of notice-to-proceed ready (NTP-ready) projects are targeted for commercial operation in 2024 and 2025.
Catalyze will leverage its experience in executing projects in New York while demonstrating its commitment to innovative practices in solar development to bring these projects to fruition. For example, one project, slated for construction this summer, will incorporate an all-terrain tracker designed to navigate the challenging features of a steep, undulating hill. This innovative approach mitigates the need for extensive site grading, thereby reducing construction costs and environmental disruption.
“BW Solar is committed to the energy transition by originating and developing high-quality renewable energy projects, and this transaction is testament to our execution expertise. We were pleased to work with Catalyze in a seamless transaction process for the acquisition and look forward to seeing the projects come to fruition,” said Tai Nguyen, CEO, BW Solar.
“We appreciate the BW Solar team’s collaboration in this transaction process, helping ensure we meet the increasing demand for renewable electricity in New York,” said Jared Haines, CEO of Catalyze. “We look forward to deploying our operational expertise to bring these projects online within the next two years, increasing the adoption of solar in the state and engaging local communities in the process.”
About BW Solar
BW Solar is a developer of community solar, distributed generation, utility solar, and utility-scale storage assets. The Company has quickly grown to become a developer with a diversified 3.8 GW pipeline across North America. BW Solar comprises a team of industry veterans with industry experience across greenfield origination, project execution, engineering, finance, and legal that incorporates best practices from leading organizations. BW Solar Inc. is associated with BW Group, a global energy and maritime infrastructure company with a growing portfolio of clean energy investments, including solar, batteries, offshore wind and water treatment. Please visit: https://bw-group.com/our-businesses/bw-solar/
About Catalyze
Catalyze is a national Energy Transition Partner that develops, finances, owns, and operates integrated renewable assets, and combines its proprietary technology, financial strength, and battery and solar energy savvy to deliver standardized, yet configurable systems that meet their partners’ unique needs. These offerings enable commercial and industrial property owners, operating companies, and their customers to extract greater value from their assets, take increased responsibility and ownership of their energy profile, and ultimately become part of the clean energy transition. Catalyze owns two proprietary technologies – REenergyzeⓇ, an origination-to-operations software integration platform that helps accelerate and scale the nationwide adoption of commercial and industrial solar and storage, and SolarStrapⓇ, a proprietary mounting technology to install rooftop panels. Catalyze is backed by leading energy investors EnCap Investments L.P. and Actis. To learn more, visit www.catalyze.com.
Media Contacts:
Mayur Agarwal
VP, Strategic Finance, BW Solar
Email: [email protected]