Burlington Solar Company Secures $389M Financing from Canadian Investor
Encore Renewable Energy, a solar company based in Burlington, Vermont, recently made headlines with the announcement of a significant financial deal. The company secured a whopping $389 million in financing from Brookfield Asset Management, a prominent Canadian investment firm. This substantial funding, comprising a mix of loans and tax credit transfers, is primarily allocated towards the construction of a diverse portfolio of 25 projects spread across the United States, with six of them located in Vermont.
The solar projects currently underway in Barre, Danville, West Rutland, and Sheldon, along with the installation of two large-scale batteries in Royalton and Middlebury, are key components of Encore’s renewable energy initiatives. These batteries play a crucial role in storing excess renewable energy and injecting it back into the power grid during periods of low solar production, ensuring a reliable and sustainable energy supply.
Lauren Glickman, the Vice President of Policy and Communications at Encore, shared that all 25 projects in the company’s portfolio are slated for completion by the end of 2026. This ambitious timeline underscores Encore’s commitment to advancing clean energy solutions and contributing to a more sustainable future. With the availability of federal and state tax credits for clean energy assets like solar projects, investments from entities such as Brookfield become all the more appealing.
Despite the prevailing uncertainty surrounding renewable energy investments in light of shifting political landscapes, Encore views Brookfield’s financial backing as a vote of confidence amidst a sea of doubt. Co-CEO Blake Sturcke articulated the challenges faced by the industry, noting that raising capital has become increasingly arduous in the current climate. However, the infusion of funds from Brookfield signifies a significant milestone for Encore, enabling the company to forge ahead with its expansion plans and create new employment opportunities for Vermont residents.
In the face of this substantial financing, Encore is not only focused on the ongoing projects but also has its sights set on the future. Apart from the 25 projects covered by this financing agreement, a portion of the funds will support a broader portfolio of 100 projects in various stages of development. Additionally, plans are in place for the establishment of three utility-scale batteries in West Rutland, Barre, and Bennington, underscoring Encore’s strategic shift towards renewable energy storage solutions.
Looking ahead, Sturcke emphasized the company’s strategic pivot towards renewable energy storage projects, highlighting the importance of battery technology in enhancing grid stability and increasing the proportion of renewable energy in the overall energy mix. The utility-scale batteries being installed in Middlebury and Royalton represent a step in this direction, offering promising prospects for Encore’s continued growth and impact in the clean energy sector.
As Encore navigates the complexities of the renewable energy landscape, the company remains steadfast in its mission to drive innovation, promote sustainability, and create lasting positive change. The partnership with Brookfield not only signifies a significant financial milestone but also serves as a testament to the resilience and potential of the renewable energy industry in shaping a greener and more sustainable future.
