Alternus Clean Energy Inc. announced a joint venture with Acadia Energy to develop 200 MW of Microgrid Projects in New York State. This is a landmark joint venture to co-develop 200 megawatts (MW) of Sustainabilty Hub?? microgrid projects in New York State.

The partnership brings together Alternus' deep expertise in renewable energy development and operations with Acadia's established track record and pipeline of projects in the region. The joint venture will focus on developing and operating a portfolio of microgrid projects over the next 2-3 years. The Acadia microgrids are scalable projects combining renewable energy and storage, offering green, resilient power to support local economic growth and sustainability in line with IRA and CLCPA goals.

The projects will provide clean, reliable, and affordable energy to local communities and businesses in New York State, supporting economic development and job creation. Under the terms of the joint venture, Alternus will hold a 51% majority ownership stake in the projects, while Acadia will lead the development efforts with oversight from Alternus. The two companies will share the project costs and equity requirements equally, with each party contributing 50% of the necessary financing.

Acadia has an existing potential project pipeline of over 1.5 - 2.0 gigawatts of renewable energy projects in New York with an average size of 20 - 50 MW per project, and is currently in discussions with various regulatory agencies regarding microgrid implementation. The projects in the joint venture are expected to begin achieving commercial operations within 2 years. This initiative not only signifies a leap towards meeting New York's ambitious clean energy targets but also embodies a model for community-centric energy development, ensuring local communities benefit directly from these projects.