SolaREIT™ Closes Largest Lease Acquisition in Massachusetts with The A.D. Makepeace Company
SolaREIT™ | November 16, 2022
VIENNA, Va. and WAREHAM, Mass., Nov. 16, 2022
SolaREIT™, a solar real estate investment fund, has closed a lease purchase for more than 125 acres of land with 31.46 MW of solar. The deal, with A.D. Makepeace Company, North America's largest cranberry grower and the largest private property owner in eastern Massachusetts, is SolaREIT's largest yet in Massachusetts. SolaREIT™, which launched in late 2020, represents an innovative model in financing solar land, providing landowners with robust options for financing and utilizing their land to host solar farms.
"Solar aligns with our company's core values and respect for the land. SolaREIT was a great partner to work with–their process is simple and efficient," said James Kane, President and the CEO of the A.D. Makepeace Company. "Respect for the environment guides everything we do at the A.D. Makepeace Company and our solar installations are an important part of that."
"We're proud to work with A.D. Makepeace on their solar projects. They are one of the oldest, most well-respected businesses in Massachusetts–but solar is not their primary focus. Our team worked with them to maximize the value of their leases, which will host solar for the next 30+ years," said Laura Pagliarulo, President of SolaREIT™.
Demand for clean energy is increasing and solar projects benefit local communities and the environment. However, solar development is often land and capital intensive. SolaREIT™ partners with solar developers and landowners to provide a range of options for taking advantage of solar development on their land. SolaREIT's practical, streamlined options for financing solar land deliver maximum flexibility based on clients' individual needs, financial goals, and vision for their land.
About SolaREIT™ SolaREIT™, based in Vienna, Virginia, focuses on making investments in acquiring, developing, and managing climate-friendly solar assets that support the transformation to a low-carbon economy. We aim to provide unique products to clients while generating attractive returns for our investors.
About the A.D. Makepeace Company
The 168-year-old A.D. Makepeace Company is North America's largest cranberry grower, the largest private property owner in eastern Massachusetts, and a recognized leader in environmentally responsible real estate development and stewardship. Visit admakepeace.com for more information.