Altus Power, which is based in Stamford, has acquired a solar generating and battery storage facility at the Croton-Harmon train station in Croton-on-Hudson from Arevon, an energy company based in Scottsdale, Arizona. Arevon had worked on developing the project with Sol Systems of Washington, D.C., which served as the project developer, construction manager and asset manager.
When asked by Westfair’s Westchester County Business Journal, a spokesperson for Altus declined to disclose the purchase price.
The solar generating project at the train station features canopies with about 10,000 solar panels over certain areas where cars are parked that can produce 4.2 million watts of electricity. There is a battery storage system that can store 15 megawatt hours of electricity, enough to supply a million watts of electricity for 15 hours.
The project will deliver the solar-generated electricity to customers that include Columbia University, which will be buying it through Con Edison, residential apartment buildings and a local medical center.
“Battery storage is essential to a stable, reliable and cost-effective energy grid,” said Abhi Parmar, chief investment officer of Altus Power. “As the industry rapidly evolves, Altus is committed to the implementation and build out for our stakeholders in New York.”
Altus said that the acquisition reflects a strategy of expanding its portfolio with high-quality assets that combine solar generation with storage. The company now owns and operates more than 80 projects that produce a total of approximately 266 megawatts of electricity in New York state. It has facilities in 30 states and the District of Columbia.
The Croton-Harmon solar project at the train station began in 2020 when the Village of Croton-on-Hudson released a Request for Proposals for the installation of solar canopies at the station. It was sent to 168 solar contractors. A total of seven proposals were received. Croton-on-Hudson’s Sustainability Committee, village staff and the Village Board of Trustees reviewed the various proposals and ultimately signed a lease agreement with Sol Systems.
Before construction began, the project went through reviews including by the Village Planning Board, Village Zoning Board of Appeals, Village Waterfront Advisory Committee and the New York State Department of Environmental Conservation. Construction was delayed by Covid and began in late 2022. Beginning in December of 2024, Sol Systems and its successor Arevon began making lease payments to the village, which are expected to total about $12 million over the 25-year lease that covers use of the parking lot site.
