Navisun LLC, a solar independent power producer (IPP), has acquired OSG Solar I LLC, a 2.746 MW DC solar project located in Orange, Mass.
Ares Capital Corp. provided financing, which will be used for Navisun develop, construct, acquire, own and operate solar projects in the U.S.
“Receiving financing from Ares Capital was a significant milestone for Navisun,” comments John Malloy, Navisun’s managing partner and co-founder. “At a time when it is difficult for a new company to obtain traditional financing, Ares Capital provided a flexible capital solution that allows us to execute our business plan of becoming a market leader in the distributed and small utility-scale solar power sector.”
OSG Solar I LLC commenced operations in mid-2012.
“We are excited about the acquisition of OSG Solar,” says Douglas Johnsen, Navisun’s managing partner and co-founder. “The purchase inaugurates our mission to develop a portfolio of solar projects across the United States.”