On May 29, 2013, the Massachusetts Department of Energy Resources (DOER) released an important announcement on the status of the Massachusetts Solar Carve-out Program. In recent months, the growth of development in Massachusetts has accelerated and the DOER has received a tremendous volume of State of Qualification Applications (SQA) for the Solar Carve-out Program. As the DOER noted in its announcement, they have received applications for over 550 MW of solar that have either been qualified or are under review.
With this large volume of applications, the DOER is certain that more than 400 MW of the 550 MW of applications are administratively completed. Even with this news, as the DOER has done in the past, they will continue to accept applications and allow two weeks for applicants to address any deficiencies before rejecting any applications. However, due to the anticipated June 7th announcement date for the new regulation, the DOER expects that applications received after this date will be reviewed under the revised regulation.
No later than Tuesday, June 4th, a list of current projects that have received or will receive a State of Qualification will be posted on the DOER website in order of their eligibility for qualification. These will be projects that have SQAs deemed administratively complete but are beyond the 400 MW cap of qualified capacity. The DOER will also post a list of pending applications under review.
The DOER also noted that they are especially sensitive to the importance of small-scale projects to the industry, and maintaining activity in this sector. In order to do so, the DOER has proposed a set-aside within the 400 MW cap in the revised regulations due for promulgation on June 7th.
In addition, the DOER will hold a public Stakeholder Meeting on Friday, June 7, 2013 from 10:00am to noon in the Gardner Auditorium of the State House in Boston. At this meeting, the DOER will present a proposed policy for the post-400 MW solar program. As the DOER has noted, this policy should be consistent with the announcement from Governor Patrick to reach a new solar goal of 1600 MW installed in Massachusetts by 2020.
Sol Systems will continue to track the progress of this announcement and will provide an update on our blog following the June 7th Stakeholder Meeting. Sol Systems currently offers three SREC agreements to customers in Massachusetts: Sol Annuity, Sol Brokerage, and Sol Upfront. If you are interested in becoming a customer, please contact firstname.lastname@example.org for more information.
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 arranged financing for thousands of projects and facilitated 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.