New Acquisition Opportunity in ISO-NE

At Camelot, we always try to keep a finger on the pulse of the solar and energy storage M&A market, as many of our clients turn to us for technical and market due diligence on these sorts of engagements. We just had a noteworthy M&A opportunity come across our desk from our friends at Enerdatics and wanted to share this opportunity with our network. It’s for a portfolio of three hybrid (Solar + BESS) project in ISO-NE, a region where many folks have had development and acquisition interests in the MA SMART + Clean peak programs. A few details to highlight: 

This portfolio comprises three hybrid projects totaling 15 MW of solar + 6.72 MW of BESS, available for sale in Massachusetts, USA.

• Each project is for sale at the Notice to Proceed (NTP) stage, with land, permits, and interconnection already secured.

• The projects are expected to achieve Commercial Operation Date (COD) between Q3 and Q4 of 2026.

• They participate in the MA SMART and Clean Peak programs, with potential eligibility under MA SMART 3.0.

• The projects qualify for the 30% federal Investment Tax Credit (ITC) and offer strong revenue potential through offtake strategies and ancillary services in ISO-NE.

• Offers are welcome for the entire portfolio or individual projects, with transaction closing anticipated in Q2 2025.

Camelot has recently performed diligence on, and supported the development of, several projects in MA SMART + Clean Peak Programs and we find that revenues can vary widely based on the revenue stack, BESS system sizing, and offtake strategy. Similar hybrid projects present a great opportunity and favorable economics, especially with the significant adjustments made to the adders proposed in the Massachusetts Department of Energy Resources (MA DOER) straw proposal. This is in addition to the changes made to the Alternative Compliance Payment (ACP) rate, where starting in 2026, the rate will increase to $65/MWh and stay at this level until 2032. After 2032, the ACP will return to $45/MWh, where it will remain until 2050. 

Camelot also has recent data on CAPEX and OPEX applicable to the region and can perform a wholistic economic analysis of the projects to verify the seller’s assumptions. Overall, depending on the quality of the development of course, this could be a good opportunity in an active market.

If you are new to the MA SMART + Clean Peak Programs, we encourage you to to check out our relevant articles:

• Massachusetts SMART and Clean Peak Overview

• MA SMART Part 2: Key Financial Implications for Hybrid Systems

If you are interested, we would be glad to put you in touch with our friends at Enerdatics who are tracking the deal and, of course, if you decide to pursue and need any help on the due diligence side of things, please reach out to Taylor Parsons or Shawn Shaw, PE.

The Enerdatics team will also be at #Infocast2025 next week and will have other exclusive deals and insights to share. Be sure to reach out to Mohit Kaul or Kshitij N R to connect!