July 12 (Solar) – Falck Renewables SpA (BIT:FKR) today said it has closed USD 4.5 million (EUR 3.9m) in tax equity financing for its 5.99-MW direct current (DC) solar project in Middleton, Massachusetts which has recently been completed.
The financing was secured from "a leading tax equity investor in the US" which will own part of the solar facility.
The Italy-based renewable energy company acquired the Middleton project from the developer HG Solar in February 2018. Construction started the same month and was completed in June. The project will supply electricity to Middleton Electric Light District under a long-term power purchase agreement (PPA) and sell Renewable Energy Credits in Massachusetts. Asset management services will be provided by Falck's subsidiary Vector Cuatro.
"Since inception one year ago in the USA, we amassed in the last ten months 112.5 MWdc of projects now in operations and have good prospects for future development," said Falck chief executive Toni Volpe.
(USD 1 = EUR 0.856)