Pacolet, together with its development partner, Syncarpha Capital, develops, owns and operates commercial-scale photovoltaic solar energy systems, ranging in size from 3 MW to 20 MW. We completed our first solar project in 2014, and have subsequently developed more than 20 projects that are located in five states. In 2018, we sold seven projects in Massachusetts, but our objective is to complete 100 MW to 150 MW of projects over the next two years. We currently have 9 projects under construction, and a development pipeline of over 130 MWs.
We focus on projects with long duration and excellent credit-quality offtakes that produce superior risk adjusted returns. Our offtakes are typically municipalities, utilities, public entities, schools and large businesses. However, we have recently completed several residential community solar projects and expect to pursue more. In 2022, Pacolet became the largest shareholder of Syncarpha, further evidencing Pacolet’s commitment to solar and its belief in the quality of Syncarpha as a solar developer.
Our strategy is to pursue both a build/hold and merchant/sell strategy, possibly partnering with third party capital. We will continue to target traditional non-utility scale solar projects, including community solar projects. Apart from Syncarpha, we have also developed and own solar arrays at our Bushy Park facility and in territories accessible to Lockhart Power.
Examples of some our solar facilities are shown below