Borrego Solar Systems Inc. has entered into an agreement to sell 5.5 MW of solar energy projects in Massachusetts to Greenwood Energy. The projects, located in the city of Gardner and the town of Walpole, are just entering the construction phase. Financial terms of the sale were not disclosed.
Borrego Solar is providing financing and construction services while Greenwood Energy will own the facilities and power purchase agreement contracts.
The 2.5 MW Gardner installation is being constructed on a town-owned site that had previously been set aside for a cemetery. The city will purchase the electricity generated.
The 3 MW Walpole facility, meanwhile, is being built on private land. An interesting aspect of this installation is that the landowner is otherwise not involved in the project, says Sam Chatterjee, director of project finance at Borrego Solar. Massachusetts allows solar power generated on one private site to be sold to another private buyer.
