Type Private Headquarters Charlotte, NC, USA Website www.narenco.com | Industry Energy Services Development, EPC Founded 2009 | |
Key people Jesse Montgomery, Andy Giraldo, Jon Burke, Mark Caddell, Ben Friedell, Michael Cox | ||
The National Renewable Energy Corporation (NARENCO) is an American solar energy company that sites, develops, finances, constructs, owns, and operates utility scale solar facilities. The company is headquartered in Charlotte, NC with a satellite office in Washington, D.C..
Contents
Background
NARENCO was founded in 2009 with a focus on providing engineering, procurement, and construction services to strategic partners, third parties, and regulated utilities. The company's focus remained mostly Commercial and Industrial (C&I) until 2012 when it vertically integrated by expanding its services via addition of development, finance, and Operations and Management (O&M) capabilities. More recently, NARENCO broadened its strategy through project acquisitions and by increasing balance sheet investments via ownership. In 2015, NARENCO was ranked as North Carolina's #3 installed solar EPC company and #6 US solar developer per SolarWorld magazine. Additionally in 2015, NARENCO was named as one of the "Best Places to Work" in Charlotte.
NARENCO has constructed 100+ MW of solar projects to date and operates another 100 MW under O&M contracts. The company primarily operates in markets east of the Mississippi river with projects under development in SERC, MISO, and PJM markets, while also providing O&M services throughout the Southeast and Midatlantic regions.
As an Independent Power Producer (IPP), NARENCO has the capabilities to site, develop, design, permit, finance, construct, operate, and manage solar projects in-house. The company secures sites to develop solar fields, then earns returns through interconnection and a power purchase agreement (PPA) with the governing utility. The development and construction process is handled in-house by a team of NABCEP installers, engineers, finance and development professionals, and operators.
History
NARENCO was founded in 2009 by Arthur (Art) Smith. In 2010, Arthur left the company to take a marketing position at Wachovia.
In January 2014, NARENCO partnered with Canadian Solar to supply 25.3 MW worth of photo-voltaic resources to a residential solar provider in North Carolina to deliver over 80,000 modules to the Duplin and Fort Wayne counties in the state.
In 2016, NARENCO invested US$85M in Allendale county, South Carolina. A project was started to build two new solar farms in Rockingham, supplying to about 1,000 local residential homes. This plan would occupy 44 acres, with NARENCO owning 392 acres in total throughout the country.