RICHMOND – Maryland-based Standard Solar company announced Tuesday it has acquired a 4.9-megawatt project from Freepoint Solar LLC.
Terms of the acquisition were not available and representatives from Standard Solar did not immediately respond to a request for comment.
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Standard Solar will be the long-term owner and operator of the Richmond project that is expected to produce 7,700 megawatt hours of clean energy annually, the equivalent to offsetting the carbon emissions of 3,655,423 pounds of coal or the annual electricity use by 648 homes, according to the release.
The acquisition expands Standard Solar’s community footprint in Rhode Island and helps the state move closer toward its goal of 100% renewable energy by 2030.
“Providing much-needed relief from rising energy costs to customers is critical to furthering the clean energy economy and collaborating with partners like Freepoint Solar brings us a step closer to that goal,” Harry Benson, Standard’s director of business development, said in a statement. “This project will serve hundreds in the community.”
The community solar project, part of Rhode Island’s Renewable Energy Growth Program, will allow customers in the state to benefit from clean energy savings by offsetting their electricity bills with solar energy.
In addition to accelerating the state’s clean energy supply, the project will generate new long-term investment, savings and job growth.
