Funding Solar Projects In Rhode Island
Rhode Island Solar Programs & Incentives
SolRiver Capital funds solar projects across the country but we do have a keen interest in certain markets, like Rhode Island.
We are interested in Rhode Island because of it’s strong state programs and incentives for solar, including the REGP standard offer and ANEM. In addition, the state has a high volume of direct PPA’s and utility PPA’s with high-quality offtakers. If you’re working on a solar project in Rhode Island, SolRiver will finance projects with schools, utilities, municipalities, and large corporations as offtakers.
REGP Standard Offer
Rhode Island’s Renewable Energy Growth Program (“REGP”) provides one of the most lucrative standard offers in the US for medium scale projects (<250kW). Those projects receive performance based incentives at $0.2255/kWh for 20 years and are awarded on a first-come, first-serve basis. The 2018 enrollment target was 5MW.
SolRiver is familiar with Rhode Island’s REGP economics and is comfortable making investments in these projects.
ANEM
In RI, aggregate net energy metering or ANEM allows a utility customer to generate energy in one location to apply against one or more of their meters in the same geographic location. Off-site generation on third-party land is not allowed, however, exceptions are made for farm-based systems that are in close proximity to each other.
SolRiver is comfortable investing in ANEM projects and has seen many Rhode Island PPA’s utilize this structure.
Utility PPA’s
A Utility PPA is an agreement between a utility and a generator, in which the utility buys power from a solar system that’s interconnected to the utility grid. In addition to buying power, it’s common to see a utility purchase renewable energy credits or RECs.
Direct PPA’s
A direct power purchase agreement (“PPA”) refers to an agreement between a customer and a generator, in which the customer buys power from an on-site solar system. This is a plain-vanilla structure and very common for solar projects.
While direct PPA’s aren’t unique to Rhode Island, there is a significant volume of projects with direct PPA’s in the state.
Types of Projects We Look For
If you’re a developer or installer in New York, SolRiver is interested in the types of projects below.
Schools
SolRiver funds projects with educational offtakers – elementary, high school, and colleges/universities (public and private).
Examples of projects that SoRiver would fund:
- 750kW carport with Rochester City School District
- 1MW ground mount with Cornell University
Utilities
SolRiver actively looks to provide capital for projects with utilities, including ConEd, NYSEG, National Grid, PSEG, LIPA, NYPA, Just Energy, and CH Energy.
Examples of projects that SoRiver would fund:
- 15MW ground mount with Central Hudson
- 30MW ground mount with ConEd
Municipalities
SolRiver can finance most municipal solar projects selling power to a local government, town, or city.
Examples of projects that SoRiver would fund:
- 1MW rooftop with Rochester City
- 5MW ground mount with LaGuardia Airport
Corporations
For corporate offtakers, SolRiver can generally fund projects with Fortune 1000 companies.
Example of a project that SolRiver would fund:
- 900kW rooftop with KPMG
Let’s Discuss Your Project
We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.
Send Email
Submit via Form
You can also use our online project intake form. Answer a handful of questions about the project and our team will be notified immediately.
Use Excel Sheet
Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.