Sudbury-based Gridwealth, a company that develops and operates commercial-scale solar projects nationwide, has received $30 million in financing from Leominster-based Fidelity Bank.

Gridwealth is using the capital to construct 16 new rooftop solar projects in Massachusetts and Rhode Island, Gridwealth and Fidelity Bank said in a joint statement. The $30 million commitment consists of three tranches over 11 months, with the last round recently closing.

The solar projects in total will have nearly 15 megawatts of emission-free electricity generation capacity, the statement said, and will provide generated electricity to the host buildings’ facilities and broader community members.

“We are delighted that Fidelity Bank underwrote the financing for these solar projects, which will have a fair market value in excess of $60 million when completed,” David Ellis, Gridwealth’s CEO and co-founder, said in the statement. “This relationship demonstrates Gridwealth’s expertise and ability to expand its operations in the northeast while propelling us to be a leading solar developer who will capture a large share of the emerging U.S. C&I solar market.”

The projects give Gridwealth its largest portfolio of commercial and industrial solar projects and largest funding package to date, the statement said.

Ten of the solar projects are in Massachusetts, and the other six are in Rhode Island. Two projects have been completed, and construction has started on six projects. Gridwealth expects the remaining projects to begin by this summer, and all projects should be completed by the end of this year.

Gridwealth, which led the development of the projects and is performing the construction, will manage and operate the solar facilities long-term. As part of the projects, commercial and industrial building owners enter into site leases with Gridwealth, giving the site owners opportunities for additional revenue, lower electricity expenses, and support for their ESG goals, the statement said.

This is Gridwealth’s first financing package with the $1.4 billion-asset Fidelity Bank.

“At Fidelity Bank, our LifeDesign brand promise of providing clarity, confidence and care in all that we do also ensures our communities have environments free of carbon emissions and other greenhouse gases while keeping our electrical grids sustainable for all,” Joseph Silva, Fidelity Bank’s chief lending officer, said in the statement. “Through our partnership with Gridwealth, we can work with a leading solar developer who knows what it takes to make a project like this successful.”