Green Lantern Solar, an innovative and trusted renewable energy developer, today announced the successful completion of the sale of eight 500-kilowatt (kW) net-metered solar projects in Vermont to Sea Oak Capital, LLC.
These community solar projects, located in both Green Mountain Power (GMP) and Vermont Electric Cooperative (VEC) territories, mark a significant step forward in advancing the state's renewable energy goals. Offtakers of the energy generated by these projects include eight family farms, three dairy farms, several retailers, hotels, resorts and restaurants, a campground and a country club.
"We are pleased to partner with Sea Oak Capital in the development and construction of these projects," said David Carpenter, VP of Development & Chief Legal Officer, Green Lantern Solar. "Over the course of 13 years and more than 135 projects, Green Lantern Solar's community solar projects have provided significant value to municipalities and the communities and offtakers they serve. The successful sale of these projects further reinforces our business model of carefully selecting optimal project locations and efficiently developing them for maximum return for the owner, the customers and the community."
The portfolio includes a diverse range of projects throughout the state:
- Londonderry: Constructed on a town-owned parcel in Londonderry, Vt. (GMP), this project was completed on an expedited schedule during the winter.
- Castleton Heights: Constructed in Castleton, Vt. (GMP), this project was also completed on an expedited schedule during the winter months.
- Pico View: Located in Pittsford, Vt. (GMP), this project overcame several challenges, including a redesign around a wastewater replacement area.
- Pittsford Furnace Brook: Also located in Pittsford, Vt. (GMP), this project faced challenges stemming from significant archaeological sensitivity in the area. To mitigate these issues, innovative redesigns and construction sequences were employed to minimize the effects.
- ORR: Located in Lemington, Vt. (VEC), this project is on the reclaimed portion of an active sand-and-gravel operation.
- Bloom: Situated in Bloomfield, Vt. (VEC), this project is also on the reclaimed portion of an active sand-and-gravel operation.
- CRB: Located in Island Pond, Vt. (VEC), this project is also situated on the reclaimed portion of an active sand-and-gravel operation and is nearing completion. Throughout development, Green Lantern Solar collaborated closely with the landowner and regulatory authorities to ensure compliance with land-use permits.
- Brighton: Situated in Brighton, Vt. (VEC), this project is permitted on an active sand-and-gravel extraction operation and is expected to be completed in the first half of 2024.
Vermont's solar power generation accounts for more than 20% of the state's electricity production. The Solar Energy Industries Association (SEIA) anticipates this growth to continue for the foreseeable future. A key driver behind this growth is net metering, which enables surplus solar energy to be returned to the grid in exchange for credits on electric bills. This mechanism fosters the uptake of renewable energy and allows both individuals and businesses to engage actively in Vermont's transition to 100% clean energy.
Green Lantern Solar sold the multi-project portfolio, comprising Notice to Proceed (NTP) and Commercial Operation Date (COD) projects, to Sea Oak Capital, LLC.
"Community solar project investments have become one of the bedrocks of our growth strategy," said Dan Poydenis, Chief Executive Officer of Sea Oak Capital. "The completion of these projects not only assists the State of Vermont in meeting its renewable energy goals but also provides substantial and long-term savings to many local small businesses. We would like to congratulate the Green Lantern Solar team for their professionalism and hard work to make these projects a success."
"As we aggressively expand Green Lantern Solar's footprint beyond Vermont and New England, we will continue to build on successes like these to leverage our deep experience and our proven development process in those new markets," Carpenter added.
About Green Lantern Solar
Green Lantern Solar is a vertically integrated regional renewable energy development company emphasizing the development of community solar projects and commercial solar solutions for municipal, education, healthcare and government entities. Green Lantern works with landowners to revitalize and re-develop low-value sites such as brownfields, landfills, quarries/pits/extraction sites and other challenging real estate. The company currently provides a full suite of services: development, financing, construction and operations, maintenance and asset management. For more information, visit www.greenlanternsolar.com on LinkedIn and @GrnLntrnSolar on X (Twitter).
Green Lantern Solar is a vertically integrated regional renewable energy development company emphasizing the development of community solar projects and commercial solar solutions for municipal, education, healthcare and government entities. Green Lantern works with landowners to revitalize and re-develop low-value sites such as brownfields, landfills, quarries/pits/extraction sites and other challenging real estate. The company currently provides a full suite of services: development, financing, construction and operations, maintenance and asset management. For more information, visit www.greenlanternsolar.com on LinkedIn and @GrnLntrnSolar on X (Twitter).
