Syncarpha Capital and Pacolet Milliken Recycle Land to Complete 12 Megawatt Solar Project

The projects, combined of clean, renewable energy and formerly contaminated land, will provide cost-saving benefits for Massachusetts towns

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Syncarpha Capital

Mar 23, 2016, 11:45 ET

NEW YORK, March 23, 2016 /PRNewswire/ -- Syncarpha Capital and Pacolet Milliken are pleased to announce the addition of three solar projects, located in the towns of Leominster, North Adams and Palmer, to their jointly-owned solar portfolio. The grid-connected projects, all privately funded, are currently delivering 12 megawatts of clean, renewable energy.

"Not only are we assisting public sector customers in reducing their energy costs," stated Cliff Chapman, managing partner of Syncarpha Capital. "But, we've identified the overall environmental benefit of developing clean energy projects on remediated land. The site in North Adams was a former landfill and the location in Palmer was a brownfield site. We're putting Massachusetts land back to productive use."

The solar projects are part of the U.S. Environmental Protection Agency "RE-powering America's Land" initiative. The initiative encourages the development of renewable energy on current and formerly contaminated lands such as landfills, brownfields and superfund sites.

"Our partnership with Syncarpha continues to see the successful deployment of renewable energy that will provide sustainable benefits for many years to come," said Ralph Walker, executive vice president of energy for Pacolet Milliken. "The addition of these three projects brings the solar portfolio in Massachusetts to eighteen megawatts, of which have all gone online within the last two years."

During the first year of operation, the projects are expected to generate enough energy to offset the annual electricity requirements of 1500 typical U.S. residences and should avoid the creation of 11,000 tons of carbon dioxide per year. The Towns of Leominster, North Adams and Palmer will purchase the energy at favorable rates over the next twenty years.

"There are positive impacts that this will have in North Adams – there are the economic benefits that we will see, certainly it will benefit our budget by reducing electric costs," stated Ross Vivori, chairman and principal assessor for the City of North Adams. "It is also a step forward in improving the environment and future for the generations to come."

About Pacolet Milliken
Pacolet Milliken Enterprises, Inc. is a private, family-owned investment company founded in 2007 by the shareholders of Milliken & Company with a forward-looking mission to secure and grow high-quality assets with enduring value in the energy and real estate markets. For more information, please visit www.pacoletmilliken.com.

About Syncarpha Capital
New York based Syncarpha Capital is an investment company that is dedicated to developing and operating commercial and small utility distributed generation solar photovoltaic ("PV") projects in North America. The company is committed to the widespread adoption of solar energy by utilities, commercial and government electricity buyers. Syncarpha works with a variety of organizations to finance and build on-site solar systems that reduce energy costs and ensure a cleaner, greener future. For more information, please visit www.syncarpha.com.

Pacolet Milliken – Ashley Shelley, 864.271.0718
Syncarpha Capital – Ian Diamond, 212.419.4840

SOURCE Syncarpha Capital