US-based solar development company MAP has sold off its 37MW carport and ground-mounted PV portfolio on commuter rail parking lots throughout the Greater Boston area to True Green Capital Fund (TGC).
As part of the deal, MAP and its affiliates will manage the development and construction of the solar projects, while TGC will offer long-term financing and own, operate and maintain the installations under a 22-year master lease with the Massachusetts Bay Transit Authority (MBTA).
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Electricity generated by the projects will be sold to various towns and universities at a discount to current market pricing under long term Net Metering Agreements.
The projects, which are set to begin construction in the fourth quarter of 2017, are expected to be fully operational by late 2018. It is estimated that these installations will cut CO2 emissions by over 33,000 tonnes once finished.
Bo Wiegand, partner at TGC, said: It’s a win-win for all parties. These investments provide clean, lower cost energy to Massachusetts towns and universities, a stable source of lease revenue to the MBTA, and employ hundreds of highly skilled workers in the greater Boston area. Our investors will benefit from the predictability and uncorrelated nature of long term power and SREC sales coupled with the benefits of real asset ownership.”
