NYC’s top solar provider now part of a Fortune Global 500 firm
The tri-state’s leading solar provider for commercial businesses and landlords is about to start generating a lot more buzz. OnForce Solar — the company behind many of the city’s largest solar projects –— is now part of 174 Power Global.
Founded in 2008, OnForce quickly became one of the largest developers of solar energy in New York state. After New York instituted stringent new emissions standards for buildings and began requiring solar or green roofs on all buildings last year, OnForce led the charge: offering businesses and their landlords turnkey conversions without any upfront cash.
The 174 Power Global Commercial and Industrial division will remain in New York, while the Irvine, California, office will head utility-scale solar projects. 174 Power Global is owned by the Hanwha Group, a South Korean conglomerate and Fortune Global 500 firm. With 174 Power Global utility-scale projects all over the United States, it only made sense that in 2019, 174 Power Global also founded a retail electricity provider in Houston, Texas, offering residential solar plans without the premium.
“We believe the expertise and background that the Hanwha Energy company brings will further advance our mission to create a more sustainable future,” Patrick Corr, vice president of business development, told The Real Deal. “Now that we’re part of 174 Power Global, we can draw from a deeper well of knowledge and financial resources that will only accelerate the expansion of our commercial solar business and allow us to offer our neighbors more clean energy from our growing list of community solar projects.”
Irvine-headquartered 174 Power Global, which is named after the 174 petawatts of power the Earth receives from the sun at any moment — is a national leader in the solar business, helping property owners convert rooftops, carports and land into profitable solar farms. The firm was ranked as 2018’s No. 1 solar project development company in the United States by Wood Mackenzie, a global energy and renewables consultant.
“The Northeast market is a key geography in our growth strategy, and this acquisition allows us to provide solutions in the underserved midscale commercial solar market, while making community solar more available to home and business owners,” said 174 Power Global President Henry Yun. “OnForce Solar has been a pioneer in community solar, and we’re excited to join forces with this reputable and successful company, further expanding our national utility-scale solar development portfolio.”
New York is among the four most active community solar states. According to New York Times, Brooklyn has seen some 3,100 new solar panel installations, while Queens has had than 7,000 households convert to solar — with Staten Island and the Bronx not lagging far behind. And thanks to those aforementioned regulations, those numbers are expected to skyrocket as commercial businesses and property owners begin to cash in on their unused land and rooftop space.
No wonder, then, that New York is seeing a surge of interest in its solar energy sector.