Boston, MA /PRNewswire/ - MAP, a US-based development company currently focused on developing solar in the Northeast markets of Massachusetts, New York and Maryland, announced today the sale of its 37MW carport and ground-mount portfolio on commuter rail parking lots throughout the Greater Boston area to True Green Capital Fund III, L.P. ("TGC").
Under the agreement, MAP and its affiliates will manage the development and construction of the projects and TGC will provide the long term financing and own, operate, and maintain the projects under a twenty two year master lease with the Massachusetts Bay Transit Authority (MBTA). Electricity generated by the projects will be sold to various towns and universities at a discount to current market pricing under long term Net Metering Agreements.
Paul Wheeler, CEO & Founder of MAP commented, "This is a fantastic achievement for MAP and the team after numerous months of hard-work alongside our co-developer, Omni Navitas Holdings LLC. Our partnership with True Green Capital provides us with an excellent foundation to grow the business in the US and develop our project pipeline further across the North-Eastern states."
In addition to providing a more cost-effective source of electricity to the local community, it is estimated that the projects in total will reduce CO2 emissions by over 33,000 tonnes.
Paul Wheeler added, "We are extremely proud as a business to be able to contribute towards a more sustainable future as we strive to bring about a new era of clean, renewable technology."
"It's a win-win for all parties," said Bo Wiegand, Partner at TGC. "These investments provide clean, lower cost energy to Massachusetts towns and universities, a stable source of lease revenue to the MBTA, and employ hundreds of highly skilled workers in the greater Boston area. Our investors will benefit from the predictability and uncorrelated nature of long term power and SREC sales coupled with the benefits of real asset ownership."
The projects are set to begin construction in the fourth quarter of 2017 and will be fully operational by late 2018.
MAP Energy Solutions LLC are a U.S. based solar energy developer and have operated globally in the solar development business since 2007. In that time, MAP have developed over 450 MW of solar projects across multiple jurisdictions.
Based out of Boston, Massachusetts, our experienced team provide over 50 years of joint experience in the solar industry and have a proven track record of success. For more information on MAP, please visit: www.map-es.com
About True Green Capital
True Green Capital Management LLC is a specialized energy infrastructure asset management firm based in Westport, Connecticut with over $500 million in private equity capital under management. TGC has an operating portfolio of approximately 150MWs of distributed solar power generation assets across nine states including New Jersey, California, Massachusetts, Idaho, Rhode Island, Connecticut, New York, Tennessee, and Vermont.
The firm was founded in 2011 and is led by a team of investment professionals with a proven investment track record and a demonstrated capacity to originate, finance, construct and operate infrastructure investments. To learn more, visit www.truegreencapital.com.
SOURCE: MAP Energy Solutions LLCCopyright 2017 PR Newswire. All Rights Reserved