Altus Power America, Inc. (Altus Power) will hold a ribbon cutting ceremony for its 4.3 MW solar PV system located in Hampden, MA. The electricity provided by the system will be provided to National Grid in MA and the Net Metering Credits produced by the system will be allocated and sold to the Town of East Long Meadow, Massachusetts and Town of Belchertown, Massachusetts. Both long-term solar Net Metering Credit Purchase Agreements with East Long Meadow and Belchertown were announced late 2014. The 20-year contracts will help the Towns save on a large portion of their electricity usage and reduce their carbon footprint.
Altus Power funded the system, and will own and operate the system, which is designed to be 4.3 MW in size and is expected to produce about 5,900,000 kWh per year. Construction of the system commenced in September 2014, mechanical completion was achieved in February 2015, and the system was interconnected in August 2015. The Hampden solar system is one of the largest solar PV systems in Massachusetts interconnected in 2015 under the SREC II Managed Growth program.
Net metering allows municipalities (such as cities, towns, and various other public entities) and private customers (such as privately owned companies) to purchase net metering credits generated from solar photovoltaic systems located in the same region. Municipalities and private customers are issued the credits at a discount but are able to use them to pay their electricity bill at full value, creating savings which can be significant.
The solar photovoltaic system adds another Massachusetts asset to Altus Power America’s growing solar portfolio. Lars Norell, Managing Partner of Altus Power America, said, “The public-private partnership model is well suited to solar power investments and we are pleased to have the Town of Hampden, Town of East Longmeadow and Town of Belchertown as a long-term partners on this solar project.” Altus Power has other large solar PV projects across Massachusetts including in the Towns of Belchertown, Great Barrington Sheffield, Warren, Wareham, and Wilbraham.
About Altus Power America, Inc.
Altus Power America, Inc. is a Greenwich, CT-based company funded in part by GSO/Blackstone that invests in, owns and manages clean energy projects. Its principals draw on their deep expertise in finance, construction, engineering and design to provide renewable energy savings and solar solutions to commercial and public sector clients. Visit www.altuspower.com for more information.