As the world continues to shift towards a more sustainable future, renewable energy has become a hot topic in the industry. Burlington-based Encore Renewable Energy is leading the charge, announcing a $389 million financing agreement with Canadian investment company Brookfield Asset Management. This significant investment will go towards constructing 25 solar projects across the US, including six in Vermont, as well as installing large-scale batteries to store renewable energy.
I had the opportunity to speak with Lauren Glickman, Encore’s Vice President of Policy and Communications, and Blake Sturcke, co-CEO, to learn more about this exciting development.
A Vote of Confidence
When asked about the significance of this investment, Sturcke emphasized that it’s a vote of confidence in the company, despite the uncertainty surrounding the new Trump administration. “The industry is facing a higher level of uncertainty than it had been previously, and because of the uncertainty that’s been created, capital is generally going to be harder to raise,” he said. “We feel so fortunate that Brookfield has the confidence in us that we were able to raise this money.”
A Boon for the Company and the Community
The influx of capital will allow Encore to expand its operations, creating new job opportunities for Vermonters and trickle-down benefits for local construction and development projects. Sturcke hopes that this investment will enable the company to bring on new employees and contribute to the local economy.
The Future of Renewable Energy
As the company looks to the future, Sturcke sees a big push towards renewable energy storage projects, such as batteries. “As it relates to increasing the percentage of (energy) load that can be renewable and to grid stability, I think (battery storage) is so important, and we think there’s a big opportunity to make a difference there,” he said.
Practical Advice
For those interested in investing in renewable energy, Sturcke advises considering the federal and state tax credits available for clean energy assets. “Investment in these projects is attractive to companies like Brookfield because of the tax credits available,” he said.
Frequently Asked Questions
What is the significance of this investment for Encore Renewable Energy?
This investment is a vote of confidence in the company, despite the uncertainty surrounding the new Trump administration. It will allow Encore to expand its operations and create new job opportunities for Vermonters.
How will this investment impact the local community?
The influx of capital will create new job opportunities for Vermonters and trickle-down benefits for local construction and development projects.
What is the future of renewable energy storage projects?
Encore sees a big push towards renewable energy storage projects, such as batteries, to increase the percentage of renewable energy load and improve grid stability.
How can individuals invest in renewable energy?
Individuals can invest in renewable energy by considering the federal and state tax credits available for clean energy assets.
What is the timeline for completing the 25 solar projects?
All 25 projects in the portfolio are on track to be completed by the end of 2026.
