19 Sep Westford Solar Park
Partnering with the State of Massachusetts and the North Andover based renewable energy company, Nexamp, we set out to create the largest, privately owned solar plant in Massachusetts.
This project represented the first solar park Cathartes had ever developed, therefore education regarding the revenue generation components was essential. This included extensive research regarding electricity and energy credit sales, as well as the financing structure which used a series of tax credits and other state and federal incentives combined with more conventional private financing. Overall our finance closing required 11 separate attorneys.
The Westford Solar Park was unveiled in 2012 and provides clean, renewable electricity to 600 homes in Westford, Massachusetts, in addition to electricity cost savings to two universities MIT Lincoln Labs and the University of Massachusetts Lowell. It has created 50 new jobs within the community.
Over the last 12 Months, the project has generated the equivalent of 451,505 gallons of gas saved, and 100,334 trees planted. Over the next 20 years, it is expected to displace the burning of 100,000 tons of coal, equivalent to a line of 10ton trucks stretching end to end from Boston to Worcester.