According to a statement released by the non-profit energy organization, each plant is worth 1.8 MW. It added that three other photovoltaic plants were also completed in the first quarter of this year in Massachusetts: a 3 MW plant in Devens, a 1.8 MW plant in Whately, and a 0.8 MW plant in Holyoke.
CIT Group Inc. funded the five ground-mounted photovoltaic facilities with a credit facility totaling US$26 million. The transaction terms were not disclosed.
The profits generated from these plants will help fund other Citizens’ charitable projects, according to the organization’s website.
"Citizens is a well-known and proven electric utility with substantial experience developing, owning and operating power projects," said Mike Lorusso, head of CIT Energy in a statement released. "Completing this transaction further enhances CITs position in the project finance marketplace for renewable energy transactions while helping to grow the alternative energy sector."