PV system design, financing and installation company Borrego Solar has sold 5.5MW of solar power generation projects in Massachusetts, USA, to Greenwood Energy. Greenwood Energy is the clean and renewable energy division of the privately owned conglomerate, Libra Group.
The projects are currently entering the construction phase and are located in Gardner and Walpole, both in Massachusetts. Gardner will host a 2.5MW plant, while Walpole will host a 3MW facility, with Greenwood Energy assuming ownership of power purchasing agreements (PPA) for both power stations. Financial terms of the sale have not been released.
Douglas Johnson, chief financial officer of Greenwood Energy stated that the projects are “economically sound and shovel-ready projects that will bring environmental benefits to local communities”.
Greenwood Energy has invested in a total of 12MW of solar projects in the US states of New York, Delaware and Massachusetts, with all 12MW scheduled to be operational by early 2014. Borrego Solar currently has 57MW of solar energy capacity under construction, attracting over US$270 million in private investment. In June, Greenwood Energy purchased 2MWp of PV capacity in Delaware.
Borrego Solar prefers the business model of operating as a turnkey EPC, selling on projects for long-term investors to operate and own.
To accompany the latest announcement, Borrego Solar’s director of project finance Sam Chatterjee and Douglas Johnson at Greenwood Energy reaffirmed a commitment for both companies to work together in partnership on further projects.