Commercial solar developer MassAmerican Energy LLC, announced a $20 million fund in partnership with PeoplesBank of Holyoke, Mass. The funds will be used to support the construction of 17 commercial rooftop solar arrays. This innovative commercial solar model allows building owners to remain free of the ownership and operational responsibilities of solar assets on their property. Instead, they act as the landlord for the solar system owner and operator. This allows the building owners to continue to focus on running their business while gaining a new revenue stream and avoiding the risks and challenges of solar asset development.
Because of the ongoing uncertainty surrounding COVID-19 and its impact on businesses, the MassAmerican Energy Solar as a Tenant model provides a vital new source of revenue for companies across the region.
“We are delighted to see the solar market reach a point where a prominent local bank can participate as both the tax equity investor and debt provider, cutting out the solar finance industry’s aggregator participants. Eliminating the aggregators allows for higher lease offers that translate into great development opportunities”. Quincy Vale, President, MassAmerican Energy.
“PeoplesBank is pleased to participate in this project. We have developed an expertise in solar financing that has allowed us to be a leader in bringing clean, renewable energy to the region, inkeeping with our core value of sustainability,”, according to Michael Oleksak, EVP, Commercial Banking for PeoplesBank. “Our staff, particularly Xiaolei Hua on our Commercial team, have been go-to resources on this issue for many companies throughout the region, and we’re proud to have MassAmerican Energy on that list.
— Solar Builder magazine