The joint venture will focus on developing and operating a portfolio of microgrid projects over the next two-to-three years, the company said in a statement.
The projects in the joint venture are expected to begin achieving commercial operations within two years, it said.
WHY IT IS IMPORTANT
President Joe Biden passed the largest climate change legislation in U.S. history in 2022, meant to touch off a boom in American clean energy development.
The United States is set to build renewable energy capacity of 337 gigawatts (GW) between 2023 and 2028, according to the International Energy Agency Renewables 2023 report.
KEY QUOTES
"Acadia's impressive pipeline of renewable, utility-scale energy projects is precisely the type of asset portfolio we are targeting as we expand our footprint in the U.S. market," CEO Vincent Browne said.
CONTEXT
Last week, the Biden Administration announced $4 billion in tax credits for over 100 projects across 35 states to boost manufacturing of clean energy equipment and reduce greenhouse gas emissions at industrial facilities.
BY THE NUMBERS
Alternus' portfolio consists of about 168 MW in power generation capacity across Italy, Poland, Netherlands, Romania in Europe and Tennessee in the United States, according to LSEG data.
Acadia has an existing potential project pipeline of over 1.5-2 GW of renewable energy projects in New York, with an average size of 20-50 MW per project.
