As reported by the Boston Business Journal, the terms of the deal were not disclosed but it is understood that the projects in question include a 3 MW project in Walpole, Massachusetts with nearly 10,000 panels and a 2.5 MW project in Gardner, with 8,500 panels.
Greenwood is to sell the power generated at the Walpole plant to an as-yet unnamed company while the power from the Gardner plant is to be sold to the city of Boston. Borrego Solar Systems is to finish building the projects, which are scheduled to be completed next year.
Douglas Johnsen, CFO of Greenwood Energy, said, "The projects will complement our existing portfolio of renewable energy resources, particularly as they are economically sound and shovel-ready projects that will bring environmental benefits to local communities. We look forward to continuing to work with Borrego Solar and the energy stakeholders and beneficiaries, like Gardner and Walpole, on projects that help advance the adoption of renewable energy and stimulate the U.S. economy."
In recent years, Borrego has focused on the development, permitting, construction, and maintenance of solar power plants, selling them to investors. Launched in 2011, Greenwood Energy is a subsidiary of Libra Group, an international conglomerate. Greenwood Energy’s purchases in Massachusetts echo similar in Delaware in June and its joint development with Biosar and Blue Earth of six solar projects with a combined capacity of 1 MW in California.
Borrego has completed 81 projects in Massachusetts, totaling 39 MW, and has 24 projects in development, totaling nearly 31 megawatts.