NuGen Capital Management recently acquired the operational 4-MW SREC 1 solar project in Tolland, Massachusetts.
This marks the largest purchase of a fully operational project by NuGen, the company said in a March 9 statement. The electricity generated by the project is sold to two municipalities. This latest addition brings NuGenʼs Massachusetts SREC 1 solar portfolio to over 17 MW.
“As part of our ongoing strategy to purchase operational projects, we are pleased to add this 4 MW asset to our Massachusetts SREC 1 portfolio. 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,” said David Milner, Chief Executive Officer at NuGen Capital.
NuGen is in the process of adding 15 MW of generation to its portfolio that it expects to be operational in 2015. NuGen seeks additional solar and real estate financing opportunities in the U.S. and abroad.
NuGen Capital Management owns, operates and develops renewable energy projects and invests in real estate conducive to energy generation. NuGen invests in grid connected and behind the meter utility and large scale solar projects. Based in Rhode Island, NuGen seeks opportunities where renewable energy policies encourage job creation and energy sustainability.