SunEdison and BlueWave Capital agree to 50 MW solar asset portfolio acquisition

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SunEdison and BlueWave Capital agree to 50 MW solar asset portfolio acquisition

SunEdison, a solar technology manufacturer and solar energy services provider, and BlueWave Capital, LLC, a Boston, MA-based solar energy development company, announced last week that SunEdison has agreed to purchase 50 megawatts (MW) of solar photovoltaic (PV) projects from BlueWave Capital LLC, the largest acquisition of solar assets in Massachusetts history.

The agreement includes twelve (12) projects jointly developed by BlueWave and SunEdison across Massachusetts, many of which are expected to be operational by June 30th of this year and all of which have qualified under the Massachusetts SREC I or SREC II incentive programs.

SunEdison and its financing partners will be the owner-operator of the projects and will sell the net metering credits generated by the systems to the City of New Bedford, the Towns of Bourne, Palmer, Webster and Winthrop, several state colleges including Cape Cod Community College, Middlesex Community College, and the Massachusetts Maritime Academy, as well as a number of housing authorities including those serving Fall River, Plymouth, Fairhaven and Barnstable.

Department of Energy Resources Commissioner Mark Sylvia said:

"Thanks to Governor Patrick's leadership Massachusetts has created a thriving clean energy industry sector that will continue to grow and provide economic and environmental benefits to the Commonwealth's businesses and individuals. The solar industry has supported a 148-fold increase in solar capacity in the Commonwealth, growing from 3 megawatts in 2007 to 518 megawatts this month."

SunEdison's Managing Director of Sales, Steve Raeder said:

"SunEdison and BlueWave Capital have partnered to lead the rapid development of solar photovoltaic systems across the Commonwealth, and have collectively been instrumental in helping to propel Massachusetts to the forefront of US states in terms of installed solar capacity. SunEdison's unparalleled financing capabilities coupled with BlueWave's development expertise have allowed us to fast-track these projects, which in turn has expedited the delivery of environmental and financial benefits to our customers and the communities that are hosting these solar facilities."

BlueWave Managing Principal John DeVillars said:

"Getting solar projects developed is not for the faint of heart, but a first-rate team has been able to do two things really well: one, efficiently permit and interconnect projects at favorable locations, and two, build trust with public officials who understand the benefits of these projects to their communities. We are very proud of our partnership with SunEdison and with a first-rate group of contractors and consultants who have played critical roles in moving this portfolio forward."

Once operational, the solar systems will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings.

BlueWave Capital, LLC has a focus on solar photovoltaic (PV) development. BlueWave has more than 600 megawatts (MW) of solar projects under development in the United States, South Africa and the Caribbean.

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