Atlanta-based solar technology company Cherry Street has acquired 16 operating distributed generation projects from Inman Solar, another Atlanta firm. The deal adds 12.7 megawatts of capacity across Georgia, Florida, Washington D.C., South Carolina, and Michigan to Cherry Street’s portfolio.
Most of the new sites are located in Georgia. The energy produced and its renewable attributes are sold to Georgia Power as part of programs approved by the Georgia Public Service Commission.
While financial terms were not disclosed, Cherry Street CEO Michael Chanin said the acquisition offers opportunities for future battery storage integration. “The acquisition of the sites present excellent opportunities for future battery storage integration, which will enhance their value to the grid and support the continued economic development across the Southeast,” Chanin stated in a press release.
Chanin told Hypepotamus that Cherry Street’s relationship with Inman Solar spans over a decade as both companies have grown within Atlanta’s renewable energy sector. Dan Fossitt has led Inman Solar as President and CEO since 2009. The transaction allows Inman Solar to focus on its core engineering, procurement, construction (EPC), and development services while enabling Cherry Street to expand its long-term generating assets.
“We’re going to continue to need to expand the availability of reliable and affordable electricity, and so these solar fields are going to enable flexibility and durability in our system,” Chanin told Hypepotamus.
Cherry Street initially served municipalities, universities, schools, houses of worship, and hospital networks. Clients include Emory University, Atlanta Airport, Gulfstream, and Porsche. Recently, industrial and manufacturing companies in the Southeast have shown more interest in their services due to rising electricity demand from data centers, electric vehicles, and manufacturing sites.
“Historically, we would not have been able to be in a place to provide competitively priced electricity. Because of such material growth in the market, the supply and demand economics make our electricity very competitive,” Chanin said.
He also expressed optimism about solar energy’s role in serving Southeastern communities: “I remain optimistic about the future of solar energy in the Southeast and its ability to serve the communities where we are.”
Chanin added: “[In the Southeast] we have abundant and incredible natural resources from the sun. [Solar power] technology has existed for quite a long time. It’s incredibly reliable and what it produces is very predictable.”
