The money will allow the companies to construct and operate seven projects totaling 32MW located in Massachusetts and North Carolina, all of which will be sold under long-term agreements with municipalities and utilities.

Soltage, based in New Jersey, and Greenwood Energy, based in New York City, quietly formed a joint venture last year, and in January 2014 announced the first $40m round of financing from a group of investors that includes John Hancock Life Insurance and the Libra Group, one of Greenwood’s backers.

The