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Syncarpha Capital is a New York based private equity firm dedicated to developing, owning and operating commercial and utility scale photovoltaic (PV) solar energy systems throughout the United States and Canada. Co-founded by Cliff Chapman and Richard Turnure, the firm was launched to capitalize on the tremendous opportunities in the alternative energy sector and to create a vehicle for investing in assets with long duration, excellent credit quality and high risk adjusted returns.

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Town of Leicester Reducing Costs by Becoming Greener

Syncarpha Solar

 

For Immediate Release

February 20, 2015 

Today, the Leicester Board of Selectmen announce another effort in reducing the Town’s electricity costs, by entering into a solar power purchase agreement that covered all up-front costs with Syncarpha Capital. The Town has agreed to purchase approximately 1.2 megawatts of power from a solar array that is being developed by Syncarpha Capital and to be constructed in the Town of Palmer, Mass.

“The Town is doing its part to purchase electricity from green sources and expects to save over $2,000,000 in utility charges during the term of this 20 year agreement,” said Kevin J. Mizikar, Town Administrator.

With this agreement, the Town will be getting more than 95 percent of its power from solar energy. The Town installed solar panels on several school buildings and the police station in 2012.

Syncarpha Capital is a leading developer and owner of solar arrays in Massachusetts. They have co-developed and financed just over 20 MW of projects in Massachusetts with their local development partners.

“We have been operating solar arrays in Massachusetts now for approximately two years with municipal off-takers like the Town of Leicester.” said Cliff Chapman, Managing Partner for Syncarpha Capital. “Syncarpha has shown that we can deliver sustainable and reliable cost savings to towns in Massachusetts and are excited to be partnering with in the Town of Leicester. We look forward to a long term relationship with the Town as we provide locally-produced, costeffective clean energy.”

Additionally, the Town is exploring options to reduce its overall energy usage by retaining Honeywell, Inc. to perform an investment grade energy audit on all buildings owned by the municipality. In FY2014 the Town spent nearly $700,000 on utility charges for Town buildings. The Town Administrator updated the Board of Selectmen on the progress of this project stating, “The audit is approximately 30 percent complete and 17 different energy conservation measures have been identified for further review at the fourteen buildings.” Upon the completion of the audit and the execution of a contract, Honeywell would guarantee energy savings which the Town will use to offset the costs of the improvements.

For more information please contact Mr. Kevin J. Mizikar, Town Administrator at (508)892- 7000.

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. Syncarpha has completed approximately 30MW of solar projects since inception. Further information is available on the Internet at www.syncarpha.com.