NEW YORK--(BUSINESS WIRE)--Daroga Power is a clean energy innovator helping New York City expand the distributed generation platform through a growing network of fuel cell facilities and solar energy arrays. By bringing together leading technology companies, utilities, and green investors, the company is transforming New York's energy future while reducing consumers' costs.
"Distributed generation will play a key role in our sustainable transition to carbon neutrality while improving grid-wide resiliency," said Ory Moussaieff, Co-Founder of Daroga Power.
The recently closed 12-Megawatt fuel cell portfolio consists of 48 Bloom Energy fuel cells located throughout New York City. With an enterprise value of $103 million, Daroga Power privately raised the sponsor & tax equity, while the New York Green Bank provided debt financing.
“NY Green Bank is pleased to provide liquidity to further expand the fuel cell market in New York City, and enable a cleaner, more resilient energy grid for all New Yorkers,” said Kim Erle, Managing Director of NY Green Bank, “Additionally, this transaction supports Governor Cuomo’s goal to ensure that all New Yorkers, including those in disadvantaged communities, have reliable access to cleaner energy.”
The utility distributes energy credits to customers who have signed up for one of Daroga's CDG plans and provides a community distributed credit on the subscriber’s energy bill. Residential and commercial customers can sign up for clean energy credits on Daroga's energy platform, goCDG.com. The program is currently limited to Consolidated Edison’s customers, who are signed up on a first-come, first-served basis.
“As recent events have shown, the need for dependable power is top of mind,” said Ivor Castelino, managing director of business development, Bloom Energy. “The time is now to prioritize building the grid of the future, and we’re proud to work with Daroga to bring alternative power sources and fuels to communities to create a more reliable and sustainable electricity infrastructure.”
Already operating two community solar projects in Brooklyn, constructing three (3) fuel cell facilities on Staten Island and developing one of New York City's largest community solar carport & EV charging project, Daroga is bringing community based distributed generation to New York City at scale.
The company is slated to have a generating capacity in New York City of 20.2 megawatts by the end of 2021.
Daroga has been working closely with the affordable-housing sector to bring cleaner, more affordable electricity to more New Yorkers. Daroga has allocated more than 50 percent of its distributed generation power to low-and moderate-income Con Ed customers who would otherwise have limited access to clean energy.
"Grid vulnerabilities will drive future demand for distributed generation. Our goal is to deploy additional energy resources throughout New York City while securing customers energy bill savings" said Daroga Power Co-founder David Matt.
About Daroga Power
Launched in 2015, Daroga is a New York-based clean energy infrastructure firm focused on strategically innovative and socially responsible projects in North America. The company's experience, expertise and proven process allows for faster development of distributed generation and clean energy projects. With their successful track record and deep background, Daroga is rapidly becoming a leader in the shift to Distributed Generation that is reshaping the relationship between local utilities and their customers.