PV energy provider SunEdison has bought a 50MW portfolio of solar projects in Massachusetts from BlueWave Capital.
The 12 installations developed by SunEdison and BlueWave will all be operational by the end of June and have qualified for either the state’s SREC I or SREC II incentive schemes.
“SunEdison's unparalleled financing capabilities coupled with BlueWave's development expertise have allowed us to fast-track these projects, which in turn has expedited the delivery of environmental and financial benefits to our customers and the communities that are hosting these solar facilities,” said Steve Raeder, managing director of sales, SunEdison.
SunEdison will serve as the owner-operator of the projects and will sell net metering credits to a number of municipalities, housing authorities and state and community colleges.
“Getting solar projects developed is not for the faint of heart, but a first-rate team has been able to do two things really well: one, efficiently permit and interconnect projects at favourable locations, and two, build trust with public officials who understand the benefits of these projects to their communities,” said John DeVillars, managing principal, BlueWave.
The financial terms of the deal were not yet available.
Earlier this week SunEdison paid an initial US$165 million for a 50% stake in PV projects in India, Europe and the US, as part of a US$207 million agreement with AES.