DE Shaw Renewable Investments is to supply 50MW of electricity from the Gravel Pit Solar 3 project to 19 Massachusetts and Rhode Island municipal utilities through a deal facilitated by risk management and energy trading company Energy New England.
Under the 25-year agreement, the project should start supplying electricity to the municipal utilities when it comes online in early 2023.
Gravel Pit Solar 3 is a proposed portfolio of solar projects DE Shaw is planning for sites under consideration in western Connecticut, Massachusetts and New Hampshire.
It would be an extension of the proposed Gravel Pit Solar project in East Windsor, Connecticut.
Gravel Pit Solar 3 is expected to generate more than 86 million kilowatt-hours of electricity a year.
It will represent 2% of the utilities’ power portfolios.
Energy New England president and chief executive John Tzimorangas said: “The Gravel Pit Solar agreement brings another large, new solar project to our customers and will contribute to their progress in decarbonising their portfolios.
“It is also among the least expensive solar energy sources we have procured throughout New England to date.
“ENE is proud to bring this opportunity to fruition for its customers and to begin its relationship with DESRI.”
DE Shaw Renewable Investments chief development officer Hy Martin said: “We’re pleased to partner with ENE to bring a new source of reliable, renewable energy to communities across Massachusetts and Rhode Island.
“This project will help these communities achieve their clean energy goals affordably for years to come.”