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April 12, 2023

Sudbury solar installer closes $30M financing with Fidelity Bank for 16 projects

Photo | Courtesy of Kelleher & Sadowsky Gridwealth solar panels are at 16 locations in Massachusetts and Rhode Island.

Sudbury-based commercial scale solar developer Gridwealth will build 16 new commercial-scale rooftop projects in Massachusetts and Rhode Island, after closing $30 million in financing from Fidelity Bank in Leominster.

When completed, the projects will generate nearly 15 megawatts of electricity.

“We are delighted that Fidelity Bank underwrote the financing for these solar projects, which will have a fair market value in excess of $60 million when completed,” Gridweatlh CEO and Co-founder David Ellis said in a press release on Wednesday. “This relationship demonstrates Gridwealth’s expertise and ability to expand its operations in the northeast while propelling us to be a leading solar developer who will capture a large share of the emerging U.S. C&I solar market.”

The Massachusetts projects are in:

  • Acton (construction expected to start in June)
  • Berlin (construction underway) 
  • Canton (construction underway)
  • Fitchburg (construction expected to start in June)
  • Foxborough (construction underway)
  • Holliston (construction underway)
  • Marshfield (in operation)
  • Oxford (construction underway)
  • Pembroke (in operation)
  • Westborough (construction underway)

The Rhode Island projects are in:

  • Central Falls (construction expected to start in June) 
  • Coventry (construction expected to start in June)
  • East Providence (construction underway)
  • Pawtucket (construction underway)
  • Portsmouth (two projects expected to start in June)

Gridwealth is a partnership between Charlton based Mass American Energy LLC and Sudbury based Hampshire Power Corp. They are two separate entities but have some common ownership. The companies announced the partnership on March 27. 

Gridwealth will construct, manage, and operate the solar projects, including maintenance and repair, as well as monetizing the solar facilities’ output. Building owners enter into site leases with Gridwealth to install the solar panels. 

Two of the projects have been completed, and construction has begun on six. The remaining projects should be started this summer, and all the projects are expected to be finished by the end of the year.

As of Dec. 31, Fidelity Bank had total assets of approximately $1.4 billion, according to the press release.

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