Sunnova secures 85 MW in ISO-New England Ahead Capability Public sale
The news from Sunnova Energy International Inc. continues. Last week came the big announcement to buy Lennar’s home solar platform SunStreet and become their exclusive Solar + storage installer. Immediately afterwards it became known that it had secured 85 MW at the recent ISO New England Forward Capacity Auction (FCA15). Sunnova’s aggregated residential solar portfolio will offer competitive renewable energy capacity to meet the region’s future energy needs. The company expects the entire portfolio to participate starting June 2024 with the FCA15 commitment year.
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“Our ability to auction capacity at competitive prices with the largest accumulation of distributed renewables yet shows our commitment to driving the energy transition in the region,” said William J. (John) Berger, CEO of Sunnova. “More importantly, Sunnova looks forward to helping ISO-NE on its journey to a clean, resilient network and providing homeowners the affordable and reliable energy they deserve.”
“Sunnova’s continued high growth in New England and our strong dealer relationships enabled us to bring tens of thousands of new rooftop solar services up for auction,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “Participation in the Sunnova portfolio ensures the long-term participation of our assets in New England’s capacity program.”
Overall, Sunnova’s involvement in the region was almost USD 3 / kW-month. The company expects a value of approximately USD 2 million for the first year and a gross value of approximately USD 38 million for the term. Final FCA15 prices increased year over year as systems in the Boston area (Northeast Massachusetts and Boston, Southeast Massachusetts and Rhode Island) $ 3.98 / kW-month, Connecticut and West Massachusetts $ 2.61 / kW-month and New Hampshire secured price at USD 2.48 / kW-month.