On May 21, 2025, Boralex Inc., a Canadian renewable energy developer, signed a Renewable Energy Standard Agreement with the New York State Energy Research and Development Authority (NYSERDA) to supply Tier-1 Renewable Energy Certificates (RECs) from two solar projects totaling 450 MW: the 250 MW Fort Covington Solar Project in Franklin County and the 200 MW Two Rivers Solar Project in St. Lawrence County. Awarded through NYSERDA’s 2024 competitive solicitation, these projects, set to begin construction in 2026 and be commissioned by 2028, will power 105,000 homes, create 300–400 jobs, and advance New York’s goal of 70% renewable electricity by 2030. As Boralex expands its 3.1 GW portfolio, can these projects overcome permitting and grid challenges to deliver on their economic and environmental promise?

Project Details and Strategic Importance

The Fort Covington (250 MW) and Two Rivers (200 MW) projects, located in upstate New York, are part of Boralex’s U.S. growth strategy, targeting high-demand renewable markets. The contracts secure RECs—each representing the environmental attributes of 1 MWh of solar energy—ensuring stable revenue over 15-20 years. Boralex, with 3.1 GW installed and 8 GW in development across Canada, France, the UK, and the U.S., sees New York as a key market due to its Climate Leadership and Community Protection Act (CLCPA), aiming for 9 GW of solar by 2035.

“New York’s clean energy economy is a priority, and Boralex is proud to contribute,” said CEO Patrick Decostre.

“These projects reflect our expertise in meeting green energy demand,” added Hugues Girardin, EVP North America.

The projects align with Meta’s 650 MW solar PPAs and Converge’s $22M AI-driven decarbonization, reflecting a renewable energy surge. Fort Covington’s 94-c permit application, filed July 16, 2024, is under review by the Office of Renewable Energy Siting (ORES), with a public hearing scheduled for June 17, 2025. Two Rivers’ application is due December 15, 2024, following community meetings in September and April 2024.

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Economic and Community Impact

Once operational, the projects will generate 800 GWh annually, enough for 105,000 households, and reduce CO2 emissions by 400,000 tonnes yearly, per EPA equivalencies. Economic benefits include:

• Jobs: 300–400 construction jobs over 2-3 years, plus 20-30 permanent roles.

• Revenue: $10-$15 million in local tax revenue over 30 years, boosting schools and services.

• Investment: $500-$600 million in capital, with $250,000 per project for community intervenor funds.

Local leaders are enthusiastic.

“Fort Covington Solar is a game-changer for our town,” said Supervisor Pat Manchester.

Brasher’s Mark Peets echoed, “Boralex’s transparency makes this a win for our community.”

Public-Private Synergy

NYSERDA’s partnership with Boralex exemplifies public-private collaboration, critical for New York’s 6 GW solar target by 2025. “These projects are vital for our clean energy transition,” said NYSERDA CEO Doreen Harris. The REC contracts, part of a 2.4 GW 2024 solicitation, hedge against energy price volatility, ensuring project viability without separate offtake agreements. Boralex’s prior NYSERDA awards—540 MW solar and 77 MW storage in 2022—underscore its reliability.

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Challenges and Risks

Despite optimism, hurdles remain:

• Permitting: ORES’s 94-c process, while streamlined, faces local opposition. Fort Covington’s June 2025 hearing may surface concerns over land use, as 1,500 acres are needed. Two Rivers, spanning Brasher and Massena, requires similar scrutiny.

• Grid Integration: New York’s grid, with 3.2 GW solar in 2024, faces interconnection delays. National Grid’s 230 kV circuit upgrades for Two Rivers could take 18-24 months, per NYISO.

• Costs: Solar projects cost $1.2-$1.5 million per MW, totaling $540-$675 million. Supply chain issues—20% panel import drop in 2024—could raise costs 10%.

• Policy: Trump’s 2025 fossil fuel push may cut federal tax credits (30% under IRA), though New York’s state incentives mitigate risks.

What’s Next?

Construction begins in 2026, with commissioning by Q4 2028, slightly delayed from earlier Q4 2027 estimates due to permitting. Boralex’s multi-use plans—grazing or pollinator habitats between panels—aim to preserve agricultural value, addressing concerns raised at Two Rivers’ September 2024 meeting. The projects could add 1% to New York’s 18 GW renewable target by 2030, per NYSERDA.

Boralex’s U.S. portfolio, including Fort Edward (100 MW, 2027), may hit 1 GW by 2030, capturing 5% of New York’s $10 billion solar market. Globally, corporate PPAs like Meta’s and EU mandates like CBAM signal a renewable boom, but grid and policy barriers loom.

“These projects are about building a sustainable future,” said Harris.

As Boralex advances, success depends on navigating local dynamics and infrastructure limits. Will these solar farms power New York’s green ambitions, or stall under practical constraints?

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