BUSINESS WIRE
Innovative financing bridges the gap between early-stage development and growing interconnection costs of up to 450 MW of energy projects
RIC Energy and Rosemawr Announce Financing Partnership to Deploy Solar and Energy Storage Projects in New York
Media:
Sinead Ross
Director of Communications
RIC Energy
sross@ric.energy
860-967-1611
RIC Development, LLC (“RIC Energy”), a renewable energy company, and Rosemawr Management, an investment firm focused on municipal investing and sustainable and social infrastructure, have announced a financing partnership to fund interconnection deposits that will help to deploy up to 450 megawatts (MW) of solar and energy storage projects across New York over the next three years.
“We are pleased to secure this partnership with Rosemawr to support building out the power grid in Upstate New York,” said Jonathan Rappe, CEO of RIC Energy North America. “This investment will have a profound impact on the region by increasing domestic clean power generation, providing discounted power to homeowners and businesses, and creating quality full-time jobs.”
This innovative financing facility addresses a critical market barrier that has hindered the growth of solar and energy storage projects in Upstate New York. This partnership will help advance projects through the NYISO interconnection queue, allow RIC Energy to grow its portfolio, and increase access to affordable, clean energy for local communities.
“This investment fits well with our mission of providing flexible capital to further the energy transition,” said Josh Herlands, Head of Sustainable Infrastructure at Rosemawr, “and we are excited to be working with RIC to help further these projects.”
About RIC Energy
Founded in 2005, RIC Energy is committed to accelerate the region’s clean energy shift by offering cleaner, more environmentally friendly, efficient and innovative energy solutions. With a unique Spanish heritage, RIC Energy has worldwide expertise originating, developing and owning multi-technology projects including solar, hydrogen, wind, biogas and battery storage. For 20 years, RIC Energy has been a successful renewable energy company with a history of de-risking high value projects, so they are ready to be built by RIC Energy or by one of our trusted partners. Visit https://www.ric.energy/ for more information.
About Rosemawr
Rosemawr is an investment management firm focused on the municipal, sustainable infrastructure, and charter school sectors. Rosemawr was founded in 2008 and currently has over $1 billion in assets under management. The firm’s sustainable infrastructure portfolio includes investments in solar, wind, energy storage, and energy efficiency assets located across the country. Visit http://www.rosemawr.com for more information.
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