SunEdison Acquires 50 MW of Solar Assets

June 23, 2014 By Karen Henry

sun-power-energy-manageSunEdison has agreed to purchase 50 MW of solar photovoltaic projects from Boston, Mass.-based BlueWave Capital. This is the largest acquisition of solar assets in Massachusetts history.

The agreement includes 12 projects jointly developed by BlueWave and SunEdison across Massachusetts, many of which are expected to be operational by June 30 and have qualified under the Massachusetts Solar Energy Renewable Energy Certification (SREC) I or SREC II incentive programs.

SunEdison and its financing partners will be the owner-operator of the projects and will sell the net metering credits generated by the systems to the city of New Bedford; the towns of Bourne, Palmer, Webster and Winthrop; Cape Cod Community College and Middlesex Community College; the Massachusetts Maritime Academy; and a number of housing authorities including those serving Fall River, Plymouth, Fairhaven and Barnstable.

The electricity cost savings associated with the projects are estimated at nearly $85 million over the next 20 years.

Once operational, the solar systems will be managed by the SunEdison Renewable Operation Center.

According to a SunEdison press release, the solar industry has supported a 148-fold increase in solar capacity in the Commonwealth, growing from 3 MW in 2007 to 518 MW this month.

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