Syncarpha Capital nears completion of its first Community Solar portfolio, providing net metering credits and monthly energy savings to more than 300 residents and businesses across Massachusetts.
Syncarpha Capital will own and operate four fully-subscribed community solar generation systems in Massachusetts, totaling 10 MW DC of generation capacity.
Bolton, Pittsfield, and Hancock (Massachusetts) —May 8, 2017— Syncarpha Capital LLC announced today that it is nearing full subscription of three photovoltaic-solar generation facilities in Pittsfield and Hancock, Massachusetts, totaling 7 MW DC. The facilities are expected to be operational in July 2017, and they will complete Syncarpha’s 10 MW DC Community Solar portfolio in Massachusetts. The portfolio’s first project, a 2.8 MW DC solar array located in Bolton, was placed in service in December 2016. Together, these arrays represent one of the largest combined residential & commercial community solar portfolios in Massachusetts.
“Building a complete end-to-end process around residential community solar from the perspectives of our customers, our marketers, and our investors took a lot of hard work, but that invaluable experience has placed us in prime position to be a leader going forward in this fast-growing segment of solar energy,” said Matt Preskenis, Vice President at Syncarpha. “We look forward to developing and acquiring many more community solar projects not just in Massachusetts, but in other burgeoning community solar markets such as New York, Minnesota, Maryland, and Illinois.”
The four projects in the portfolio were developed by Syncarpha, and while each began as an un- subscribed community solar array, Syncarpha was successfully able to fully subscribe each project using a variety of retail customers. Syncarpha provided financing for the installation of the arrays, and will serve as the long-term owner and operator of the portfolio. The arrays provide clean, cost-efficient renewable energy to a wide mix of customers, including Joel O’Toole, a resident in Bolton. "I can't tell you how exciting it is to receive electronic notices regarding the savings on my electric bill,” Joel said, “I hope your other customers are as excited as I am because I think it is awesome."
Though in-house development and outside acquisitions, Syncarpha is aggressively seeking to expand its community solar development, financing, and ownership operations to other community solar markets throughout the United States.
About Syncarpha Capital, LLC
Founded in 2009, Syncarpha Capital is a New York-based private equity firm dedicated to developing, acquiring, financing, owning and operating distributed- and utility-scale photovoltaic (PV) solar and other renewable energy systems across North America. Partnering with experienced developers, installers, engineers, and EPC contractors, and working closely with its customers, Syncarpha Capital designs and builds on-site solar systems for municipalities, utilities, and businesses – as well as developing community shared solar solutions for consumers and commercial customers. Syncarpha currently owns and operates over 60 MW of solar assets throughout the United States in 6 different states. To learn more about Syncarpha, please visit www.syncarpha.com and to learn more about Syncarpha’s community solar offerings, please visit www.syncarpha.solar.