GREENWICH, Conn., Nov. 17, 2014 (GLOBE NEWSWIRE) -- Altus Power America, Inc. announced the signing of a long-term solar Net Metering Credit Purchase Agreement with the Town of Belchertown, Massachusetts. The 20-year contract will help Belchertown save on a large portion of its electricity usage and reduce its carbon footprint. Belchertown is expected to save up to $160,000 annually with estimated savings of $2.7 million over the duration of the 20-year term.
The net metering credits will be generated from two solar photovoltaic systems being constructed in Hampden, Massachusetts and Sheffield, Massachusetts. Altus Power will fund, own and operate the systems, which are designed to be 4.3 MW and 1.3 MW in size, respectively. The systems are expected to produce a combined 7,200,000 kWh per year. Construction for both systems commenced in September of this year and each system is scheduled to be completed in the first quarter of 2015.
The solar market in Massachusetts continues to grow as a result of the revamped net metering program enacted by state government. Net metering allows municipalities (such as cities, towns, and various other public entities) and private customers (such as privately owned companies) to purchase net metering credits generated from solar photovoltaic systems located in the same region. Municipalities and private customers are issued the credits at a discount but are able to use them to pay their electricity bill at full value, creating savings which can be significant.
These solar photovoltaic systems add to Altus Power America's growing Massachusetts solar portfolio. Lars Norell, Managing Partner of Altus Power America, said, "We are pleased to enter into this public-private partnership with Belchertown and add to our presence in the emerging Massachusetts solar market." The Net Metering Credit Purchase Agreement with Belchertown follows a similar agreement reached between Altus and the Town of East Longmeadow earlier this month. The firm is still in discussions with several other public and private institutions regarding additional net metering credits available from its solar photovoltaic systems.
About Altus Power America, Inc.
Altus Power America, Inc. is a Greenwich, CT-based company funded in part by GSO/Blackstone that invests in, owns and manages clean energy projects. Its principals draw on their deep expertise in finance, construction, engineering and design to provide renewable energy savings and solar solutions to commercial and public sector clients. Visit www.altuspower.com for more information.
CONTACT: Lars Norell 203-698-0090
Source: Altus Power America Management