MAP Energy offloads 37 MW of Massachusetts solar projects

US solar developer MAP Energy Solutions LLC has sold 37 MW of solar power projects in Massachusetts to True Green Capital Fund III LP, or TGC.

The photovoltaic (PV) project portfolio consists of carport and ground-mounted plants that will be situated on commuter rail parking lots throughout the Greater Boston area. Under the terms of the acquisition, MAP Energy and its affiliates will develop and build the plants, while TGC will provide long-term project financing. In addition, the fund owned by energy infrastructure asset manager True Green Capital Management LLC will own, operate, and maintain the facilities under a 22-year master lease with the Massachusetts Bay Transit Authority (MBTA).

The partners plan to start building activities this quarter and bring the capacity online by the end of 2018.

The output of the solar plants will be sold to different towns and universities at discount rates under long-term net metering contracts, MAP Energy said. The generated electricity is expected to help save more than 33,000 tonnes of carbon dioxide (CO2) emissions.

According to Paul Wheeler, MAP Energy’s founder and CEO, the deal is an opportunity for the company to expand its business in the US. The company says it has developed over 450 MW of PV projects since 2007.

Choose your newsletter by Renewables Now. Join for free!