RIC and Rosemawr Launch 450 MW Solar Initiative in NY

• RIC Development and Rosemawr Management unite to supercharge New York's clean energy, funding 450 MW of solar and storage projects to empower local communities and strengthen the grid.

RIC Development LLC is partnering with investment firm Rosemawr Management to fund interconnection deposits for up to 450 MW of solar and energy storage projects in New York. This collaboration aims to advance these projects through the NYISO interconnection queue, ultimately enhancing access to clean energy for local communities and expanding RIC Energy's portfolio.

The partners plan to implement these new energy capacities over the next three years. Jonathan Rappe, CEO of RIC Energy North America, expressed enthusiasm for the partnership, emphasizing its role in strengthening the power grid in Upstate New York. RIC Energy focuses on various renewable projects, while Rosemawr manages over $1 billion in sustainable infrastructure assets in the U.S.

How will RIC Development and Rosemawr Management impact New York's clean energy landscape?

• Increased Renewable Energy Capacity: The partnership aims to add up to 450 MW of solar and energy storage capacity, significantly contributing to New York's overall renewable energy generation and helping the state meet its ambitious clean energy goals.
• Support for Local Communities: By enhancing access to clean energy, the collaboration is expected to provide more reliable power sources for local communities, potentially lowering energy costs and increasing energy resilience.
• Strengthening the Power Grid: The addition of these solar and storage projects is anticipated to bolster the existing power grid in Upstate New York, making it more robust and capable of handling increased loads and integrating variable renewable resources.
• Job Creation Opportunities: The development and implementation of these projects will likely create new jobs in the region, from construction through to long-term maintenance, thus contributing to local economic growth.
• nnovation in Energy Storage: The focus on energy storage within the projects can help mitigate the intermittency of solar power, providing a smoother supply of energy and demonstrating innovative storage solutions that can be models for future projects.
• Alignment with State Policies: The initiative aligns well with New York's energy policies and commitments to reduce greenhouse gas emissions and transition to a 100% carbon-free electricity grid by 2040, ensuring compliance with state legislative mandates.
• Enhancing Investment in Renewable Infrastructure: Rosemawr Management's significant expertise in sustainable infrastructure investment could attract further investments into New York's renewable energy sector, encouraging more firms to develop clean energy projects in the area.
• Collaboration and Partnership Model: This partnership may serve as a blueprint for future collaborations between private companies and investment firms in advancing renewable energy projects, fostering a supportive ecosystem for clean energy developments.
• Environmental Benefits: The increase in renewable energy sources will contribute to decreasing reliance on fossil fuels, helping to improve air quality and reduce the carbon footprint of the region.
• Potential for Community Engagement: The projects could initiate community engagement and collaboration, allowing locals to participate in decision-making processes and benefit from clean energy initiatives.
• Long-Term Sustainability Goals: By committing to these advancements, both RIC Development and Rosemawr Management are demonstrating their dedication to long-term sustainability goals, setting a precedent for responsible development practices in the energy sector.