Rockland Capital closed on a debt facility that 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 MW of projects, a portion of their portfolio.
Broadway Electrical was selected last spring to finance, design, install, operate and maintain 27 photovoltaic solar energy 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.
The project is expected to result in annual cost savings to CVEC member towns and counties.
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.