A 6.35-megawatt Massachusetts community solar portfolio has recently been sold to investors. The sale between Cypress Creek Renewables and CarVal Investors involved two projects in Franklin and Bristol counties. Both projects were developed under the Solar Massachusetts Renewable Target (SMART) program by Cypress Creek and were designed to provide local residents with access to clean, renewable energy.
According to Cypress Creek Renewables CEO, Sarah Slusser, the transaction between the developer and CarVal Investors is a strong partnership that, through the SMART program, will deliver affordable power to homeowners and small businesses.
As part of the agreement, CarVal Investors will provide Cypress Creek capital for development. This funding is part of a 2019 loan agreement that secured additional funding for the Massachusetts community solar portfolio. Though this is the first sale between the two companies, both are enthusiastic about moving forward, particularly for the benefits their translation gives to the two counties.
Though Cypress Creek sold the projects to CarVal, the solar asset owner wasn’t the first company to have ownership of the two-site installation. Clean Energy Collective first started development and ultimately sold it off during late-stage work to Cypress Creek. With the early stages of creation completed, Cypress was able to begin construction for a spring 2021 operational date. Signal Energy DG is behind the construction of the sites, while Cypress Creek O&M provides the necessary maintenance and operations after the sites are completed.
When the two locations are operational, homeowners will be able to subscribe to save money on future electric bills. As subscribers to the community solar programs, customers draw energy from the installations. They’ll also receive a small credit each month on their utility bill based on the amount of energy drawn from the facility.
Currently, Community Solar Platform is handling all subscriptions and program management. Interested homeowners and small businesses should find more information on Community Solar Platforms’ official website.