RIC Energy, a global independent renewable energy developer and producer, has announced the sale of seven photovoltaic plants in upstate New York to Radial Power, a leading distributed energy platform focused on decarbonizing large real estate portfolios.
The seven plants, with a combined capacity of 34 MW, are strategically located throughout the upstate New York region. These facilities are anticipated to provide 100 percent clean energy to over 8,000 homes participating in their respective utilities’ community solar programs. The total investment in these projects is expected to exceed $85 million.
In recent months, RIC Energy has divested 13 photovoltaic plants in New York state, totaling 70 MW in capacity, to various entities.
With this latest transaction, RIC Energy solidifies its position as the second largest developer in the upstate New York area, boasting over 600 MW of photovoltaic and storage capacity. Moreover, RIC Energy’s total portfolio in the United States now exceeds 2,000 MW, reflecting its extensive experience in the American renewable energy market since its inception fourteen years ago.
Jonathan Rappe, CEO of RIC Energy North America, expressed satisfaction with the positive impact of the transaction on the upstate communities where the projects are situated. He emphasized the synergy between RIC Energy and Radial Power in delivering clean energy, sustainable job opportunities, and energy cost savings to the region.
José Luis Moya, Global CEO of RIC Energy, underscored the company’s diverse renewable energy initiatives, spanning photovoltaic and energy storage projects at both community and utility scales across states such as New York, Maryland, Texas, and California. Moya emphasized that this strategic expansion aligns with RIC Energy’s commitment to geographical diversity and technological innovation, further cementing its position as a premier independent power producer (IPP) in the U.S. market.
The RIC Energy group maintains a global presence across a dozen nations on four continents and is actively developing a portfolio of 20,000 MW in photovoltaic, green hydrogen, storage, and biogas projects.
About RIC Energy:
RIC Energy is at the forefront of photovoltaic energy development, with a global presence across four continents and a developing portfolio of over 20,000 MW in solar, green hydrogen, energy storage, biogas, and wind energy projects. RIC Energy is a distinguished project developer focused on providing renewable energy and storage solutions throughout the United States at both community and utility levels. For more information, visit http://ric.energy.
About Radial:
Radial Power is a privately-owned developer, owner, and operator of distributed clean energy assets across large real estate portfolios. Established in 2022, Radial Power collaborates with owners of large real estate portfolios to develop programs aimed at achieving ESG, climate, and renewable energy objectives across multiple U.S. state and utility regulatory jurisdictions. Radial Power offers turn-key integrated commercial and industrial solutions at both asset and portfolio levels, encompassing photovoltaic solar, battery energy storage systems (BESS), and electric vehicle (EV) charging solutions. The company maintains offices in Houston and New York.