Land sale complete for Fall River Commerce Park solar farm
Sunshine on the landfill is one step closer to turning a profit.
An investment company completed the purchase of 42 acres of land bordering the city landfill in the Commerce Park, moving that much closer to building a solar farm on the site, city officials said.
Mark Investment LLC of Newton closed on the $3.2 million sale last week, completing a process that began with the announcement of the plans in September of 2011.
“They are in the process now of mobilizing for construction,” said Ken Fiola, the executive vice president of the Fall River Office of Economic Development, the organization that negotiated the sale for the city and its Redevelopment Authority.
“We are told that they have to get their contractors lined up and that construction should begin in a matter of weeks,” Fiola said.
Mark Investment LLC has established a company, SunGen Mark Andover LLC, to develop the site in Fall River and a second in Andover.
SunGen is a multinational company based in Hong Kong that develops solar power projects. SunGen has developed several solar farms in Massachusetts, company officials said.
Eastern Bank of Boston announced on Tuesday that it loaned an unspecified amount of money to finance the project.
No one from Mark Investment LLC returned calls on Wednesday.
The company came to town in October of 2011 to present its plans to the Redevelopment Authority.
Company officials said they intend to erect 26,000 photovoltaic panels, each 3 by 5 feet, that will generate 9.6 megawatts of power. That power in turn would be sold to National Grid. The deal could result in savings for the city through a reduced price for electricity sold to the city, Redevelopment Authority members said when the project was proposed.
The company paid a 10 percent non-refundable deposit when the sale was first proposed and has paid a total of $800,000 in option costs to keep the deal alive in the interim, Fiola said.
That amount is applied to the final sale price.
There is no date set for groundbreaking on the new facility, city officials said.
Email Kevin P. O’Connor at email@example.com.