Borrego Solar Systems, Inc., a leading designer, installer and financier of grid-tied solar photovoltaic (PV) systems, today announced that it has entered into an agreement to sell 5.5 MW-DC of solar energy projects to Greenwood Energy. The projects will be designed and built by Borrego Solar in the cities of Gardner and Walpole, Mass., and are just entering the construction phase. The power purchase agreement (PPA) contracts will be owned and serviced by Greenwood Energy. Financial terms of the sale were not disclosed.
“The City of Gardner is expanding its commitment to clean energy by purchasing power from a 2.5-MW DC solar energy project located within city limits,” said Mayor Mark Hawke. “The City’s partnership with renewable energy companies like Borrego Solar and investors like Greenwood Energy, help stimulate the state and local economy while improving the sustainability of our City’s services. Our City will also benefit through energy savings and cost predictability, along with a steady stream of income for our tax payers. This project is a win-win-win for the City of Gardner, its energy partners and the environment.”
The solar energy portfolio being acquired by Greenwood Energy also includes a 3-MW DC system in Walpole. By financing these transactions, Greenwood Energy is expanding its clean energy portfolio and acquiring an ongoing revenue stream. Borrego Solar combined its long-standing reputation for developing quality, cost-effective projects with credit-worthy commercial and public-sector customers, with its deep knowledge of the Massachusetts market to successfully develop these projects.
“The projects will complement our existing portfolio of renewable energy resources, particularly as they are economically sound and shovel-ready projects that will bring environmental benefits to local communities,” said Douglas Johnsen, CFO of Greenwood Energy. “We look forward to continuing to work with Borrego Solar and the energy stakeholders and beneficiaries, like Gardner and Walpole, on projects that help advance the adoption of renewable energy and stimulate the U.S. economy.”
“Greenwood Energy is a great partner for projects we are developing in the 1-10 MW range,” said Sam Chatterjee, director of project finance at Borrego Solar. “They understand the nuances of investing in solar projects in Massachusetts and elsewhere in the U.S., have a strong balance sheet and an ability to execute. They are a committed investor in the distributed generation space moving forward, and we look forward to developing additional projects for their portfolio and building on our partnership.”
Since shifting its focus away from residential markets in 2009, Borrego Solar has completed 86 MW of solar energy systems for commercial and government energy consumers and currently has more than 57 MW under construction. With one of the strongest track records in the industry, Borrego Solar is an ideal partner for investors looking to offer up PPAs and own solar projects across the U.S. Greenwood Energy is the latest owner and operator of solar facilities to partner with Borrego Solar. To date, Borrego Solar has helped secure over $270 million in private investments for solar power installations in California and New England.
— Solar Builder magazine