BOSTON – 4.4MW of solar energy is now operational in Charlton, Massachusetts. The 14,000 panel solar farm is the largest project developed and constructed under the SREC-II program’s 2014 Managed Growth allocation. The farm will produce 5,760,000 kilowatt hours annually, enough electricity to power over 800 homes with clean energy for a year.
The project was financed through a combination of tax equity managed by Sol Systems, debt, and Nexamp’s equity investment.
“Commercial and small utility-scale projects like this require the right expertise, close collaboration, and high efficiencies,” said Yuri Horwitz, CEO of Sol Systems, the finance and investment firm that managed the tax equity investment in the project. “That’s why we are directing more human resources, and much of the $100 million in committed investor capital we already have for 2015, into the rapidly growing Massachusetts commercial market.”
Nexamp partnered with the Town of Westford to deliver substantial savings through net metering credits, while the project generates new recurring tax revenue for the town of Charlton. The town expects to save over $300,000 in electricity costs in 2015, and more than 125 people were employed during construction in fourth quarter of 2014, significantly increasing the tax base for the Charlton community. Nexamp, which owns the new solar power plant, developed, designed and constructed the project. The company will also be responsible for the plant’s asset management
“Our team is excited to have worked with valued partners such as Sol Systems to complete this project which will produce clean, affordable and stable energy for the Town of Westord and support the Charlton community,” said Zaid Ashai, Nexamp’s Chief Executive Officer. “Nexamp looks forward to rapid growth in 2015 and continuing to support and strengthen various stakeholders in the Commonwealth by going Solar.”
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 180MW of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. It has over Sol Systems has $550 million in assets under management as of December 2014. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company’s tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. For more information, please visit www.solsystemscompany.com.