CleanCapital invests in 6.7 MW of new construction solar in Maine
Borrego to construct a 6.7 MW distributed generation solar project in Maine
CleanCapital announced today that it has partnered with industry-leading developer, EPC, and O&M provider Borrego to construct a 6.7 MW distributed generation solar project in Maine. The project will benefit from Maine’s Net Energy Billing (“NEB”) kWh Program and will sell power to residential off-takers at a fixed discount to the prevailing utility rate for a 20-year term. CleanCapital will provide all necessary financing for the project, which is expected to reach commercial operation in 2022.
“We are excited to be partnering for the first time with Borrego to make renewable energy more accessible to homeowners in Maine,” said Julia Bell, Head of Projects at CleanCapital. “This latest investment—our fourth since announcing a $300 million commitment from Manulife in April—demonstrates CleanCapital’s commitment to advancing the rapid transition of the energy grid.”
“Borrego is partnering with CleanCapital to accelerate the adoption of renewable energy. Together we’re providing homeowners in Maine the opportunity to create a clean energy future by buying their power from a community solar project” said Brendan Neagle, executive vice president of project finance at Borrego. “We’re eager to build our relationship with CleanCapital through this project and plan to continue our partnership into the future.”
CleanCapital’s cumulative acquisitions now total more than $850 million. This is CleanCapital’s first project in Maine, expanding the company’s total acquisitions to more than 230 MW in 19 states.
CleanCapital engaged Orrick, Herrington & Sutcliffe and Pierce Atwood as Buyer’s counsel on this transaction.
CleanCapital is an industry-leading clean energy investment platform. Since 2015, CleanCapital has worked to accelerate investment in distributed solar and storage assets to address the urgent threat of climate change. Its leading-edge technology platform facilitates the evaluation and acquisition of clean energy assets with speed and certainty. More information about CleanCapital can be found at cleancapital.com.
Borrego, a leading developer, EPC and O&M provider, accelerates the delivery of large commercial, community solar, and utility-scale solar and energy storage projects in the United States. Borrego offers a broad range of renewable energy services and has a track record of superior performance in the hundreds of large solar and energy storage projects it has designed, built and maintains throughout the United States. Established in 1980, it has regional offices in California, Massachusetts and New York with a nationwide footprint. Borrego creates value by helping partners make better decisions at critical points in every project’s life. Its team brings deep technical expertise to its mission of solving the world’s energy problems.