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Martha’s Vineyard, Cape Cod Going Solar, Thanks to $120M in Financingby on 05/15/2013 in Alternative Energy, Renewable Energy, Solar Energy, Solar Panels, Solar Power, Solar Rebates
Rockland Capital has raised $120 million in financing to support solar installations in nine towns along Cape Cod and Martha’s Vineyard in Massachusetts. The financing will allow Broadway Electrical to install more than 37 megawatts of photovoltaic (PV) projects throughout the region, including projects on landfills and rooftops. The projects have been in the works for a while and the 37 megawatts falls short of the nearly 50 megawatts of projects originally planned, the projects will supply power for the Cape & Vineyard Electric Cooperative’s customers throughout the region.
When the projects were announced in April 2012, the contract consisted of two project tiers. The first was 25.8 megawatts of solar PV projects and the second consisted of 23.5 megawatts. In all, it totaled 44 projects throughout the region. The contract now consists of 27 projects, which will supply power to the co-op’s municipal customers under a 20-year power purchase agreement with fixed energy rates.
A number of the projects were withdrawn for a various reasons, such as unsuitable roofs and shading that would require clear-curring, according to the Cape Cod Times. Other projects are still pending approval, such as the 7 megawatt system proposed for Barnstable Municipal Airport.
"These financings are important milestones in the development and construction by demonstrating the strength of this project and the viability of renewable energy in Massachusetts," said Jonathan Wienslaw, President of Broadway Electrical.
Rockland raised the financing from Deutsche Bank and Key Bank. "We are very pleased to have partnered with Broadway and played a leading role in the financing of these projects," said Scott Harlan, Managing Partner of Rockland. "These projects will provide a more efficient energy system to the community, help reduce residents' utility bills by negating the need for utility system upgrades in the years ahead, and contribute to a sustainable Cape Cod and Martha's Vineyard."
The cape could see 16 more megawatts of solar if another set of projects planned by American Capital Energy obtains financing, according to the newspaper. That package of projects would put solar in eight locations.