THE PROJECT
In collaboration with partner New Energy Equity (an ALLETE company), a national solar developer and operator, NT Solar provided tax equity financing for $25.6 million solar investment tax credits generated by the development of five ground-mount solar installations in New York. Installed in a variety of towns across New York State, the community solar installations enable subscribers to purchase a portion of the electricity produced, thereby lowering their monthly electricity costs without having to install solar panels on their homes or businesses.
GREEN ENERGY STATISTICS
The 26.7 megawatt (MW) portfolio will generate an estimated 40 gigawatt-hours (GWh) over the life of the project, which:
- Creates enough electricity to power over 5,000 homes annually
- Offsets a CO2 emissions equivalent of burning nearly 29 million pounds of coal annually
- Sequesters the same amount of carbon from the atmosphere as over 58 thousand acres of forest
ABOUT NEW ENERGY EQUITY
New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 500 megawatts of solar projects and closed more than $1.2 billion in clean energy investments. To learn more, visit www.newenergyequity.com