Aug. 13, 2013 - Borrego Solar Systems today announced that it has entered into an agreement to sell 5.5MW 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 2.5MW 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 3MW DC system in Walpole. By financing these transactions, Greenwood Energy is expanding its clean energy portfolio and acquiring an ongoing revenue.
"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 1-10MW 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."