This summer, the solar industry has been abuzz with news from the Bay State since the Massachusetts Department of Energy Resources
(DOER) announced in late May that it had reached its cap for its existing “SREC I” program. However, as they later announced, all projects over 100 kW that have a fully executed Interconnection Service Agreement dated on or before June 7, 2013 and meet the construction timelines enacted by the DOER may still be eligible for the SREC I program. A full list of eligible SREC I projects can be found on the DOER website.
As for the new program, tentatively entitled “SREC II,” the DOER is working diligently to design a second Solar Carve-Out Program to continue growing the solar market in Massachusetts, which may become the fourth largest state market in the coming years. However, until then, many solar developers are left wondering how and when they will be able to secure an SREC contract, a critical piece of the solar financing stack, for their Massachusetts projects that will be in the second program.
Sol Systems Provides Certainty to the Market by Offering SREC II Contracts
The Sol Systems team is continuously identifying new ways to facilitate solar project development, and we are proud to announce the industry’s first SREC brokerage option for Massachusetts SREC II projects. Our goal in providing this option is to help alleviate some of the uncertainty in the market for Massachusetts solar developers and system owners with projects over 100 kW that were ineligible for SREC I.
Until the DOER finalizes the program structure and begins accepting applications for SREC II (expected to occur at the beginning of 2014), Sol Systems is offering its clients the opportunity to lock into a one-year, Sol Brokerage agreement. For those that lock into this brokerage agreement, Sol Systems will plan to immediately register these SREC II solar projects with the proper state and regulatory agencies after the structure for SREC II is released. Sol Systems may offer Brokerage customers the opportunity to switch into a fixed price SREC contract with Sol Systems after the regulatory changes have been finalized, and we will alert all SREC II Sol Brokerage customers of those fixed price options accordingly.
Fixed Price Contracts for SREC I Solar Projects
In addition to our brokerage options for SREC II, Sol Systems continues to manage the complexity of monetizing SRECs for all SREC I projects, and we offer SREC spot market solutions, as well as 3, 5, and 10-year fixed price contracts to systems accepted into SREC I. We also assist solar developers in securing financing for their commercial-scale Massachusetts SREC I projects.
Secure Financing for Your Massachusetts Projects.
Contact the Sol Systems team today at 888-235-1538 or firstname.lastname@example.org to learn more about SREC contracts or general financing options for Massachusetts SREC I or SREC II solar projects. Our team of experienced solar project finance professionals would be happy to speak with you about your financing needs.
About Sol Systems
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has facilitated financing for thousands of projects and hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals. For more information, please visit www.solsystemscompany.com.