Solar energy projects in 3 rural Maine towns get $17M in financing

File PHOTO / MAUREEN MILLIKEN Solar projects in rural parts of Maine received new loan guarantees to facilitate their development. Seen here is a ground-mounted installation at Brunswick Landing.

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By Staff

Three solar energy projects in rural areas of Maine have been awarded $17.6 million in loan guarantees through the U.S. Department of Agriculture’s Rural Energy for America Program.

“This substantial investment in renewable energy systems means clean solar energy will be produced locally, potentially resulting in significant savings for residential, commercial and industrial rate payers in Maine’s rural communities,” USDA Rural Development Acting State Director Tommy R. Higgins said in a news release Monday.

• Pequawket Trail Baldwin Solar LLC, in Baldwin, will receive $10.9 million to refinance a short-term loan used to build a 6.8-megawatt ground-mounted solar project. The project will also be financed by a borrower contribution of $187,483 and a tax equity investment of $6.2 million. The project has interconnection and net energy billing agreements in place with Central Maine Power Co., is expected to produce 8.4 million kWh of electricity in the first full year of operation, and will create three jobs at an average wage of $30 per hour.

• North Nobleboro Road Waldoboro Solar LLC will receive $4.8 million to refinance a short-term loan used to build a 3.3-megawatt ground-mounted solar project in Waldoboro. The project will also be financed by a borrower contribution of $539,708 and a tax equity investment of $2.1 million. The project has interconnection and net energy billing agreements in place with Central Maine Power, is expected to produce 4.1 million kWh of electricity in the first full year of operation, and will create three jobs at an average wage of $30 per hour.

• Enterprise Avenue Gardiner Solar LLC will receive $2 million to refinance a short-term loan used to build a 1.3-megawatt roof-mounted solar project in Gardiner. The project will also be financed by a borrower contribution of $59,132 and a tax equity investment of $1.1 million. The project has interconnection and net energy billing agreements in place with Central Maine Power, is expected to produce 1.5 million kWh of electricity in the first full year of operation, and will create three jobs at an average wage of $30 per hour

The loan guarantees will be made in partnership with the lender, Crestmark Bank, a division of Metabank, headquartered in Sioux Falls, S.D.

In 2019, the market for solar development expanded dramatically as the result of state legislation, including a rule that allows net metering for arrays of up to 5 megawatts, up from 660 kilowatts.