NuGen Capital Management, a renewable energy investor and developer, has acquired an operating 4-megawatt solar project in Tolland, Massachusetts.
Financial details of the deal and the identity of the seller were not disclosed. The SREC 1 solar project is the largest purchase of a fully operational project by NuGen. The electricity generated by the project is sold to two local Municipalities.
This latest addition brings NuGenʼs Massachusetts SREC 1 solar portfolio to over 17MW. “As part of our ongoing strategy to purchase operational projects, we are pleased to add this 4MW asset to our Massachusetts SREC 1 portfolio,” said David Milner, Chief Executive Officer at NuGen Capital. “We are confident with net metering credits and SREC values which gives us a competitive advantage in terms of overall valuation and speed to close for developers and companies interested in selling operational assets.”
NuGen is in the process of adding 15MW of generation to its portfolio that it expects to be operational in 2015.
