Cathartes, Nexamp to build 4.5-MW solar plant in Massachusetts

Aug 23, 2011 - US property and energy developer Cathartes Private Investments yesterday said it had agreed to build a 4.5-MW solar power plant in the state of Massachusetts jointly with clean energy integrator Nexamp Inc.

Under the agreement, Cathartes is the project's lead developer, while equity partner Nexamp is the primary development consultant and will build and operate the USD-23-million (EUR 15.9m) solar plant.

The solar system will spread on 22 acres (8.9 ha) of industrial land in Westford owned by Cathartes and is expected to generate enough electricity to supply some 600 households a year. Electricity transmission services provider National Grid will buy the plant's output. Cathartes will receive the related solar renewable energy certificates (RECs).

Construction will be carried out in two phases, each envisaging the installation of 7,000 solar panels. The first phase is scheduled to start this autumn.

Cambridge Savings Bank, partnering with Middlesex Bank, is providing most of the financing for the project. The Executive Office of Energy and Environmental Affairs and the Executive Office of Administration and Finance have approved the issue of a qualified energy conservation bond of USD 5.8 million for the project.

(USD 1 = EUR 0.690)

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