Broadway Renewable Strategies Secures Financing for Cape & Vineyard Electric Cooperative Project and Other Projects in Massachusetts
Clean energy project will create construction jobs, local tax revenues, work for small local businesses and clean energy for the Cape Cod and Martha's Vineyard Community
BOSTON--Broadway Electrical, a leading full service electrical construction company, announced that Rockland Capital has closed on a debt facility, which will fund the Cape & Vineyard Electric Cooperative Project and other projects that Broadway and Rockland are jointly pursuing. This round of the debt facility will fund in excess of 37 MWs of projects, a portion of their portfolio.
"These financings are important milestones in the development and construction by demonstrating the strength of this project and the viability of renewable energy in Massachusetts," said Jonathan Wienslaw, President of Broadway Electrical Co. Inc. "We appreciate the commitment of our financial partners that will help Broadway deliver clean, renewable energy for Cape Cod and Martha's Vineyard as well as significant economic benefits in terms of construction jobs, local tax revenues and work for local residents and businesses."
Broadway Electrical was selected last spring to finance, design, install, operate and maintain 27 PV systems throughout Cape Cod and Martha's Vineyard. The PV systems will provide Cape and Vineyard municipal entities electricity at a defined - fixed for 20 years - per kWh rate, helping to protect the town's budget from future volatile energy prices.
"We are very pleased to have partnered with Broadway and played a leading role in the financing of these projects," said Scott Harlan, Managing Partner of Rockland Capital. "These projects will provide a more efficient energy system to the community, help reduce residents' utility bills by negating the need for utility system upgrades in the years ahead, and contribute to a sustainable Cape Cod and Martha's Vineyard. We applaud Broadway and CVEC's dedication and commitment in successfully closing this financing."
The project is expected to result in significant annual cost savings to CVEC member towns and counties.
"We are delighted that Rockland Capital and Broadway have concluded their financing, as it is one more completed step towards obtaining solar for the community of Cape Cod and Martha's Vineyard," said John Checklick, President, Cape & Vineyard Electric Cooperative. "The foundation established by this project and its project investors will pay great dividends for our members in the years to come."
CVEC has granted Broadway necessary rights to design, procure, install, test, commission, own, operate and maintain the PV system at the 27 sites. Broadway is responsible for all permits and approvals necessary to develop the PV systems at the sites including MA DEP post closure use of landfills.
Broadway was supported and advised with this transaction with Rockland by Sunbeam Capital.
About Rockland Capital
Rockland Capital, a private equity firm founded in 2003, is focused on the acquisition, optimization and development of companies and projects in the North American power sector. The firm manages Rockland Power Partners and Rockland Capital Energy Investments and has offices in Houston and New York. For further information visit www.rocklandcapital.com
About Cape & Vineyard Electric Cooperative
Cape & Vineyard Electric Cooperative, Inc. (CVEC) was organized on September 12, 2007. CVEC was formed under Massachusetts General Laws, c. 164, §136. Section 136 provides for the establishment of energy cooperatives. Section 136 cooperatives can, among other things: (1) purchase and own generation, transmission and other projects and property; (2) enter into contracts and incur liabilities; (3) borrow money, issue notes and bonds; (4) enter into private/public collaboration (contractual); (5) purchase, sell, and distribute energy; and (6) sell electricity to any consumers within CVEC member communities. CVEC's purposes include developing and/or owning renewable electric generation facilities and procuring and/or selling long term electric supply or other energy-related goods or services including renewable energy certificate contracts at competitive prices to member communities and consumers within member communities. CVEC's functions, policies and goals include acquiring the best market rate for electricity supply, promoting and supporting the development of renewable energy resources, improving the quality of service and reliability, and utilizing and encouraging conservation and other forms of energy efficiency. For more information on CVEC please visit www.cvecinc.org
About Broadway Electrical Co. Inc.
Broadway Electrical Company, Inc. is a leading full service electrical construction company, headquartered in Boston, MA. Founded in 1936, Broadway is one of the Northeast's largest electrical contractors. Broadway's track record for delivering construction excellence spans major commercial, educational, health care, biotechnology, industrial, power and government projects. With over 55 MW of solar installation projects in operation or under construction, Broadway is also one of the largest solar developers in the New England. Broadway provides complete turnkey renewable energy solutions, including engineering, procurement, construction, and financing/power purchase agreements, as well as a 24/7 solar operations and maintenance division. For more information on Broadway Electrical Company, Inc. please visit: http://www.broadelec.com/