PROVIDENCE – All three Rhode Island electric companies will share in the power generated by a Connecticut solar development under an agreement announced by the R.I. Office of Energy Resources on Wednesday.
National Grid Rhode Island, Pascoag Utility District and Block Island Utility District will buy 50 megawatts of power from a solar project under development at a gravel mine site near Hartford, Conn., the release stated. The contract with developer D.E. Shaw Renewable Investments will require review and approval by the state Public Utilities Commission.
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D.E. Shaw Renewable Investments is part of a New York-based investment firm, D.E. Shaw Group, which has invested in over two dozen renewable energy projects including the Block Island Wind Farm, according to its website.
If approved, the agreement will save local consumers more than $30 million over 20 years, producing enough clean energy to power more than 18,500 homes per year.
Acting State Energy Commissioner Nicholas Ucci in a statement said the agreement will save consumers money and reduce greenhouse gas emissions while also meeting Gov. Gina M. Raimondo’s ambitious goal to hit 100% renewable energy by 2030. The state has also set a goal for electricity providers to supply 38.5% of electricity sales through renewables by 2035.
A 2018 report by the Public Utilities Commission showed that 10% of retail electricity sales came from renewable sources in Rhode Island in 2016.
Under the agreement, energy consumers will purchase power at a fixed 5.3 cents per kilowatt-hour for 20 years. The developer will provide $300,000 in clean energy workforce development initiatives.
The project was chosen through a competitive market procurement from National Grid.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com. Follow her on Twitter at @NancyKLavin.
