True Green scoops up 37 MW of Massachusetts solar

While it has also seen ups and downs, compared to the “solar coaster” of other state markets Massachusetts has been relatively stable. Despite its small size and dense population, Massachusetts climbed to become the third-largest solar market in the United States in 2015, and as recently as the second quarter of this year was back as the 4th-largest market.

Connecticut-based True Green Capital is getting in on this action, and yesterday the asset management firm announced the purchase of 37 MW of carport and ground-mounted solar projects on commuter rail parking lots throughout Eastern and Central Massachusetts from MAP Energy Solutions.

MAP will still manage development and construction of the projects, but True Green will own, operate and maintain the projects through its True Green Capital Fund 3, as well as providing long-term financing. MAP plans to begin construction by the end of 2017 and for the projects to be online by the end of next year.

The deal speaks to the policy support that Massachusetts has in place for solar. The Massachusetts Bay Transit Authority (MBTA) will lease the sites to True Green under a 22-year master lease, and True Green will supply the electricity generated to towns and universities through virtual net metering  agreements.

Unlike many other states that limit net metering to residential and small commercial systems, in Massachusetts government entities can use net metering for solar projects up to 10 MW in capacity.

This is the latest big announcement from True Green, which inked a number of significant deals this summer. In August the True Green Capital Fund 3 closed after raising $350 million, and at the Solar Power International trade show heterojunction silicon solar maker Sunpreme announced that it will supply 150 MW of modules to True Green over a 3-year period.

This indicates that the company will be not only buying projects, but supplying them as well.