Vermont Business MagazineExcelsior Energy Capital, a leading independent North American renewable energy investor based in Minnesota, announced Thursday that its North American Renewable Energy Fund has acquired fromSyncarpha Capital100 percent of the sponsor equity interests in a 16.2 MW operating solar portfolio. These includeSyncarpha's 2.9 MW Vermont portfolio of four 730 kW solar projects. Two of the projects are in Benningtonand the other two are in Orange. These projects became operational in August 2017. All four projects combined are expected to produce over 3,700,000 kWh a year.
The ground-mount solar projects are located in Massachusetts and Vermont and have offtake agreements with credit-worthy counterparties under a weighted average remaining contract term of 20.5 years. Firstar Development LLC, a subsidiary of USBancorp, is participating as the tax equity and Nomura Corporate Funding America is providing backleverage to the portfolio.
Chris Moakley, Managing Partner of Excelsior, said: “Excelsior is pleased to announce the acquisition of this Syncarpha operating solar portfolio as it squarely aligns with the core strategy of the Fund to acquire high-quality operating solar projects from experienced developers and operators, with the intent of further improving long-term operational and financial performance for the Fund’s limited partners.”
“Syncarpha is excited to be partnering with Excelsior as the long-term asset manager on this operating solar portfolio. We appreciate the deep expertise that the Excelsior team brings to bear and plan to expand our cooperation in the coming months,” explained Syncarpha CEO and Co-Founder, Cliff Chapman.
About Excelsior Energy Capital
Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior Team brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors.
For more information, visithttp://www.excelsiorcapital.comor contact[email protected]
About Syncarpha Capital
Syncarpha Capital is a New York based private equity firm dedicated to developing, owning and operating distributed generation photovoltaic (PV) solar energy systems throughout the United States and Canada. Syncarpha Capital currently operates over 100 megawatts (MW) of ground mounted and rooftop solar assets in New Jersey, Massachusetts, Minnesota, New Mexico, New York, the Carolinas, Nevada, Vermont, and Arizona. Syncarpha has additional projects currently under construction in Massachusetts, Minnesota and New Mexico.
About U.S. Bancorp Community Development Corporation
With $28 billion in managed assets as of Sept. 30, 2018, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web atwww.usbank.com/cdc.
Syncarpha Projects
Hancock Solar – Massachusetts, 7.0 MW, Ground Mount, Community Solar
Syncarpha’s Hancock Solar project is comprised of three large systems totaling 7.0 MW. Located in the Town of Hancock and the City of Pittsfield, these three systems will be Syncarpha’s second, third, and fourth Community Shared Solar facilities. These solar sites not only enable residential customers to benefit from long-term savings on their utility bills but also support the development of local renewable energy without requiring an out-of-pocket investment by customers or installing panels on their homes. Hancock Solar is estimated to produce 8,500,000 kWh in its first year of operation and provides savings to approximately 450 residential customers of Eversource in the Western Massachusetts Electric service territory. The projects went operational in November 2017.
Bennington Portfolio– Vermont, 2.9 MW, Ground Mount
Syncarpha's 2.9 MW Vermont portfolio consists of four 730 kW solar projects. Two of the projects are in Bennington, VT and the other two are in Orange, VT. These projects became operational in August 2017. All four projects combined are expected to produce over 3,700,000 kWh in their first year of production.
Billerica – Massachusetts, 6.0 MW, Superfund Site, Ballasted and Ground Mount
Syncarpha’s 6,000 kW solar facility in Billerica, Massachusetts re-purposes contaminated land, classified by the EPA as a superfund site, for renewable energy production with a ballasted and ground mount design. This solar facility provides six local public entities in northeastern Massachusetts with long term savings on their electricity bills and is projected to produce 7,500,000 kWh in its first year of production. The project became operational in June 2017.
Lexington – Massachusetts, 2.3 MW, Brownfield Site, Ballasted and Canopy
Syncarpha's 2.3 MW solar system in Lexington, MA helps re-purpose contaminated land that was otherwise unused. Half of the system is ballasted atop contaminated land while the other half is a large canopy system above the town's composting facility. The solar facility went operational in May 2017 and provides the town of Lexington with credits on their electricity bills and is estimated to produce 2,770,000 kWh in its first year of production.
Freetown – Massachusetts, 5.26 MW, Ground Mount
Syncarpha’s 5.26 MW ground mount solar facility in Freetown, Massachusetts went operational in Novemeber 2016. The estimated first year production is projected to be 7,280,000 kWhs which is equivalent to 575,696 gallons of gasoline consumed. The facility will provide net metering credits to 5 public entities in Massachusetts.
Bolton II – Massachusetts, 2.8 MW, Community Solar
Bolton II is a 2.8 MW facility in Bolton, Massachusetts located on a former sand and gravel pit that is being re-purposed to support clean energy generation. Bolton II will be Syncarpha’s first Community Shared Solar project and will generate Massachusetts Net Metering Credits that will be allocated to customers in the National Grid service area in the West-Central Massachusetts load zone. 50% of the Net Metering Credits produced will be delivered to nearly 100 residential customers in Massachusetts while the remaining 50% will be sold to two private entities, Berkshire School and Bolton Orchards. This project enables residents to save money on their utility bills, support local solar and join the fight against climate change. The system is expected to produce 3,700,000 kWh in its first year of production, which is the equivalent of 2,866 tons of carbon dioxide emissions. They system went operational in December 2016.
Palmer Landfill – Massachusetts, 5.1 MW, Ballasted Landfill
Syncarpha is currently constructing a ballasted 5.1 MW solar system on the Palmer Municipal Landfill in Palmer, Massachusetts. This project turns contaminated land that would otherwise be unusable into a powerhouse of clean, renewable energy production. The Town of Andover will purchase energy from the site for 20 years. The estimated first year production of the facility is 6,500,000 kWh, which is the equivalent of burning 4.8 million pounds of coal. The Palmer Landfill project will provide sustainable and economic benefits to the Commonwealth of Massachusetts for two decades. The project became fully operational in December 2016.
Whitehall – New York, 5.3 MW, Ground Mount
Syncarpha recently completed the construction of two solar systems totaling 5.3 MW in Whitehall, NY under the NY Sun Commercial and Industrial MW Block Program. The facility’s production is estimated to be 6,600,000 kWh in its first year of operation. This is equivalent to 5,113 tons of carbon dioxide or the amount of greenhouse gases emitted from 980 passenger cars driven for one year. New York State’s Olympic Regional Development Authority will purchase electricity from the system for 25 years. The project became fully operational in September 2016.
Bushy Park Solar – South Carolina, 1.4 MW, Ground Mount
Bushy Park Solar was developed and constructed by Syncarpha Solar and is interconnected with South Carolina Electric and Gas (SCE&G) as part of the utility's Distributed Energy Resource Program (DERP). With a system size of 1.0 MW AC, the project executed a fixed-term Bill Credit Agreement with SCE&G.
Middleborough – Massachusetts, 1.7 MW, Ground Mount
Syncarpha’s Middleborough project is comprised of three small systems (each under 650 kW) totaling 1.7 MW. Located in Middleborough, Massachusetts, the energy from these facilities will be sold to the Middleborough Gas and Electric Department under a 25-year power purchase agreement. The site is estimated to produce 2,225,000 kWh of electricity in its first year of production. By way of comparison, if this same amount of energy was produced by burning fossil fuels, 40,524 tree seedlings would need to be grown for 10 years in order to sequester the amount of carbon produced by that system. These new solar facilities will provide long-term environmental and economic benefits for the Town of Middleborough. All three systems became operational in December 2016.
Palmer Airfield - Massachusetts, 6MW, Brownfield Ground Mount
Palmer Airfield is a 6MW fixed-tilt brownfield site constructed at the former Palmer Municipal Airport in Palmer, MA. The project utilizes a combination of central and string inverters to produce an expected yearly total of over 7,400,000 kWh. The site commenced operations in December, 2015.
North Adams Landfill - Massachusetts, 3MW, Landfill
The North Adams Landfill is a ballasted, fixed-tilt PV system constructed on top of the City's capped landfill. As of September 2015, the project was the largest solar PV project of its kind in Western Massachusetts and helped the City of North Adams become 100% powered solar powered. The landfill system commenced operations in July, 2015.
Leominster - Massachusetts, 2.5MW, Ground Mount
Leominster is a fixed-tilt, virtual net metered ground mount facility that produces electricity for two MA municipal entities. The project commenced operations in April of 2015. Leominster uses a combination of string and central inverters and is expected to produce over 3,000,000 kWh per year.
Dartmouth - Massachusetts, 6MW, Ground Mount
The Dartmouth facility is a virtual net metered project that is estimated to produce roughly 8,200,000 kWh of electricity to be shared between two local municipal entities. The project commenced operations in April 2014 and was the second largest solar facility in the State of Massachusetts at the time of its completion.
Scituate - MA, 3MW, Landfill
This fixed-tilt ground-mounted solar photovoltaic system is located on seventeen-acre former municipal solid waste capped landfill in Scituate, Massachusetts. The system is estimated to produce approximately 3,873,820 kW of output during its first year of production. This project was sold in the first quarter of 2013 and has been in operation since August 2013.
Bolton Orchards - MA, 6MW, Ground Mount
This ground-mounted fixed-tilt solar photovoltaic system is located on a fifty-four acre parcel of land in Bolton, Massachusetts.The system is estimated to produce approximately 7,306,800 kWh of output during its first year of production. This project was sold in the first quarter of 2013 and has been in operation since December 2013.
Stow - MA, 2.3MW, Ground Mount
This fixed-tilt solar photovoltaic system is located on a twenty acre industrial brownfield in the Township of Stow, Massachusetts. The system is estimated to produce approximately 2,956,383 kWh of output during its first year of production. This project was sold in the first quarter of 2013 and has been in operation since December 2013.
Richard Stockton State College - NJ, 900kW, Carports
Richard Stockton State College is an undergraduate and graduate college of the arts, sciences, and professional studies located in Galloway Township, New Jersey. The university commissioned Syncarpha Capital to develop, construct, and operate a 905 kW carport solar photovoltaic system on the campus. The system has been in operation since September 2012.
University of Arizona - AZ, Solar PV & Solar Thermal
The University of Arizona is a public university of higher education and research located in Tucson, Arizona. The university commissioned Syncarpha Capital to develop, construct, and operate a solar energy system comprised of multiple renewable energy systems on the university campus. The system includes four rooftop fixed-tilt solar photovoltaic installations aggregating 663 kW, one 987 kW-equivalent absorption looped chilling solar thermal system and one 109 kW-equivalent solar thermal pool heating system. The system has been in operation since December 2011.
Sparta - New Jersey, 3MW, Ground Mount
Sparta is an 11-acre solar farm located next to the International Brotherhood of Boilermakers Local 28 building on Route 26 in Eastampton, New Jersey. Syncarpha Capital installed the ground-mounted fixed-tilt solar photovoltaic system on a farmland. The solar farm includes 12,810 panels and produces 3,760,000 kWh of electricity annually. The system has been in operation since December 2011. The power is fed directly into the utility lines.
Boscov’s Department Store - NJ, 1MW, Rooftop
Boscov’s Department Store is one the last of the family-owned department store chains in the United States. The Boscov’s location in Vineland, New Jersey commissioned Syncarpha Capital to develop, construct, and operate the ballasted fixed-tilt solar photovoltaic system on the department store’s rooftop. The system has been in operation since August 2011. The power generated is directly used by the department store in a Net Metering deal.
Georgian Court University - NJ, 400kW, Roof and Ground Mount
Georgian Court University is a private Roman Catholic university located in Lakewood Township, New Jersey.The university commissioned Syncarpha Capital to develop, construct, and operate solar photovoltaic systems on their campus. The project includes a 198kW rooftop installation and an adjacent 196 kW ground mount installation.The system has been in operation since December 2010. Syncarpha continues to successfully own and operate the site.
The solar photovoltaic system installed by Syncarpha Capital helped Georgian Court University become recognized by the Environmental Protection Agency as the Top Green Power Purchaser in the Central Atlantic Collegiate Conference in 2010-2011.
The New York Jets Practice Facility - NJ, 700kW, Rooftop
The New York Jets Practice Facility is the New York Jets team headquarters and training center located in Florham Park. The professional football team commissioned Syncarpha Capital to develop, construct, and operate a fixed-tilt solar photovoltaic system on the rooftop of their facility. All of the power generated by the system is sold to the New York Jets under a Power Purchase Agreement. The system has been in operation since December 2010.
Source: EXCELSIOR, Minn.--(BUSINESS WIRE)--Excelsior Energy Capital12.20.2018