Project will provide power to an estimated 900 subscribers across eight cities

SCHENECTADY, N.Y., Sept. 20, 2023 /PRNewswire/ -- DSD Renewables (DSD) has acquired a nine-project, 15-megawatt (MW) community solar portfolio in Minnesota from New Energy Equity. The 100% residential-offtake portfolio is estimated to generate more than 20,000 total megawatt hours (MWh) annually, delivering power to approximately 900 subscribers.

New Energy Equity, a wholly-owned subsidiary of ALLETE (NYSE:<a class= ALE), develops, finances, operates and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. (PRNewsfoto/New Energy Equity)" alt="New Energy Equity, a wholly-owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operates and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. (PRNewsfoto/New Energy Equity)">

DSD Renewables has acquired a nine-project, 15-megawatt community solar portfolio in Minnesota from New Energy Equity.

The acquisition increases DSD's existing footprint in the state, following the acquisition of an 11.3 MW community solar portfolio in Minnesota just last year. This latest agreement allows DSD to help the state meet its goal of transitioning to 100% clean energy usage by 2040.

"We're thrilled to partner with DSD on this great community solar portfolio, which will increase access to clean energy and positively impact Minnesotan communities," said Josh Kunkel, President of New Energy Equity. "The state's recently extended community solar program is a win for communities and developers alike, and we are excited to continue to support the clean energy transition in Minnesota."

Ground-mounted panels will be installed in Belle Plaine, Clear Lake, Howard Lake, Mankato, Mazeppa, Saint Cloud, Sauk Rapids, and Winsted. This site in Winsted is an agrivoltaic project, pairing solar panels with farmland to optimize land use. It not only helps farmers be more sustainable, but shade from the panels can also help certain crops better survive the weather elements. Recent Cornell research found that agrivoltaic projects can even increase the output of solar panels, as well.

"It has been promising to watch Minnesota lead the way in community solar adoption the last several years," said Ryan Lloyd, Director of Asset Acquisitions at DSD Renewables. "Partnering with New Energy Equity has unlocked the opportunity to work with local farmers on implementing projects in a new way that widens access and optimizes land use. This unique portfolio will have a lasting impact, offsetting electricity bills for hundreds of Minnesotan homes, promoting sustainable agricultural practices that benefit farmers and their crops, and reducing the state's carbon footprint."

Construction is already underway on four projects and is slated to start at the remaining five sites by the end of 2023. Completion of the entire portfolio is expected by 2024. Arcadia Power will handle customer acquisition and subscriptions for the projects.

Learn more about DSD's commitment to community solar.

About DSD Renewables

DSD Renewables (DSD) is transforming the way organizations harness clean energy while building a more sustainable future. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD accelerates the deployment of renewable energy resources and creates significant value for our commercial, industrial, and municipal customers and partners. Backed by world-leading financial partners, our team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own, and maintain. To learn more, visit DSDRenewables.com and connect with us on LinkedIn, Twitter, and Facebook.

About New Energy Equity

New Energy Equity, an ALLETE company, is a national end-to-end solar development and finance company, having successfully completed more than 250 projects totaling more than 475 megawatts across the United States. Our focus is on developing, financing, operating and managing solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. We have ranked on Solar Power World's "Top Solar Contractors" list every year since its inception and were voted one of the fastest-growing energy companies in D.C., Maryland, and Virginia by Inc. Magazine. To learn more, visit newenergyequity.com and connect with us on LinkedIn and Twitter.

Contacts

Meghan Gainer

VP Marketing & Communications, DSD Renewables

(518) 369-3692

Christian Rizzo

Gregory FCA for DSD Renewables

christian@gregoryfca.com

(201) 519-7838

Keri Fisher

Senior Director of Marketing, New Energy Equity

kfisher@newenergyequity.com

(443) 266-2079

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SOURCE New Energy Equity