SunEdison to acquire 50MW solar PV projects from BlueWave Capital

SunEdison, a solar technology manufacturer and solar energy services provider, and BlueWave Capital, a solar energy development company, have entered into an agreement whereby SunEdison will acquire 50MW of solar photovoltaic (PV) projects, the largest acquisition of solar assets in Massachusetts history.

Under the terms of the agreement, SunEdison will acquire 12 projects which are jointly developed by BlueWave and SunEdison across Massachusetts.

Many of the projects are expected to be operational by 30 June 2014 and all the projects have been qualified under the Massachusetts SREC I or SREC II incentive programs.

Department of Energy Resources commissioner Mark Sylvia said under Governor Patrick’s leadership Massachusetts has created a successful clean energy industry sector that will continue to provide economic and environmental benefits to the Commonwealth’s businesses and individuals.

"The solar industry has supported a 148-fold increase in solar capacity in the Commonwealth, growing from 3 megawatts in 2007 to 518 megawatts this month," Sylvia added.

In addition to serving as the owner-operator of the projects, SunEdison and its financing partners will sell the net metering credits generated by the systems to the City of New Bedford, the Towns of Bourne, Palmer, Webster and Winthrop, several state colleges including Cape Cod Community College, Middlesex Community College, and the Massachusetts Maritime Academy, as well as a number of housing authorities.

SunEdison sales managing director Steve Raeder said SunEdison has partnered with BlueWave Capital to lead the rapid development of solar photovoltaic systems across the Commonwealth.

"SunEdison’s unparalleled financing capabilities coupled with BlueWave’s development expertise have allowed us to fast-track these projects, which in turn has expedited the delivery of environmental and financial benefits to our customers and the communities that are hosting these solar facilities," Raeder added.