GP Renewables to Buy $15 Million of East Coast Solar SystemsJustin Doom
GP Renewables & Trading LLC, a New York-based energy-services company, plans to purchase as much as $15 million in commercial solar projects in New Jersey and Maryland before a federal tax incentive expires at the end of the year.
GP Renewables will acquire solar systems from businesses and municipalities, Gabe Phillips, chief executive officer of the closely held company, said today in an interview. The sellers will buy electricity from GP under 10- to 20-year agreements, according to a statement.
Owners of rooftop solar projects may apply to earn incentives, known as solar renewable energy credits, that they sell to utilities. Increased solar installations drove down the price of the credits, prompting owners of some commercial projects to consider selling their systems, Phillips said.
“We’re offering liquidity to people who want it,” Phillips said today in an interview. “In most instances, the end user is able to get out either flat or with a moderate gain” on a per-watt basis, including system costs, SRECs and other incentives.
GP Renewables has evaluated systems ranging in size from 109 kilowatts to 3.3 megawatts, Phillips said.