SOURCE: Nexamp

Nexamp

January 20, 2015 09:30 ET

Nexamp Flips the Switch on 4.4 Megawatt Solar Installation

Worcester County Project Caps Banner Year for Massachusetts-Based Company

BOSTON, MA--(Marketwired - Jan 20, 2015) - Nexamp, a leading provider of solar energy, today announced the completion of a 4.4 MW solar project in Charlton, Massachusetts. The project, which achieved commercial operations at the end of December, marked the 21st megawatt of solar power commissioned by the company in the Commonwealth in 2014. Among the many benefits of the installation, Nexamp has partnered with the Town of Westford to deliver substantial savings through net metering credits, while the project generates new recurring tax revenue for the town of Charlton.

The project was made possible by last April's expansion of the Massachusetts Solar Carve-Out Program, known as SREC-II, designed to maintain and expand the successful development of solar installations that have kept the Commonwealth at the forefront of clean energy deployment. This is the largest project under the 2014 Managed Growth portion of the SREC-II program, and will produce enough electricity annually to power over 800 homes.

"Westford is committed to progressive strategies to reliably reduce its energy use and electricity costs," said John Mangiaratti, assistant town manager for the town of Westford, which expects to save over $300,000 in electricity costs in 2015 alone through the project. "Our net metering credit partnership with Nexamp has allowed us to do so while supporting local sources of renewable energy and this is a remarkable achievement for our Town."

Town Manager Jodi Ross stated, "Our Board of Selectmen has established a goal to support renewable energy projects. Assistant Town Manager Mangiaratti and Nexamp have partnered to enable us to achieve this goal, along with a reduction in the costs of electricity for our municipal buildings."

"I'm extremely proud of our team's accomplishments in 2014 and we look forward to an exciting year ahead for Nexamp," said Zaid Ashai, Nexamp's Chief Executive Officer. "Our Charlton project will set the standard for our team in 2015 as we continue to expand our solar asset base in Massachusetts and other promising markets that have taken cues from the success of the policy makers on Beacon Hill."

The project was financed through a combination of tax equity investment managed by Sol Systems, debt, and Nexamp's equity investment.

About Nexamp:
Nexamp delivers proven solar energy solutions. From project development through financing, construction, and operation, Nexamp's comprehensive approach makes going solar simple and profitable for our clients and partners. Learn why General Mills, Fidelity Investments, National Grid and others have turned to Nexamp for solar project development and services at www.nexamp.com.

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