A $200 million solar electric project in development for five years has secured financing and is set to break ground in the Kennebec County towns of Benton and Clinton, the developer said Wednesday.
Longroad Energy expects to complete its Three Corners solar project late next year or in early 2024. With a capacity of 152 megawatts, the project would become the largest solar power generation site in Maine, said Longroad, which has an office in Scarborough.
“We are glad to reach this important milestone and grateful for the support of the towns of Benton and Clinton, Kennebec County, and the residents of the area,” said Matt Kearns, chief development officer of Longroad Energy. “Two hundred million dollar projects do not come along every day in Maine – the Mills administration has fostered an attractive environment for investment in renewable energy. This project will be an important resource for Maine to help meet its clean energy objectives and will deliver significant economic benefits to Kennebec County and the region.”
Total output from the project will be purchased through a long-term contract by EDF Energy Services for corporate customer load in New England. Longroad said the deal is the largest corporate power purchase agreement in the New England power grid.
KeyBank N.A. and U.S. Bank served as lenders and U.S. Bank was the sole tax equity investor for the project.
The project has been touted for potential benefits it may provide, such as reducing carbon emissions equal to taking 30,000 cars off the road. The developer also said the project will generate $8 million in property taxes and help conserve 1,875 acres of forestland.
Longroad’s affiliate, Longroad Energy Services, will be providing remote monitoring services to the project from its operations center in Scarborough.
Longroad’s King Pine wind project also was selected by the Maine Public Utilities Commission last month for a proposed energy development corridor in Aroostook County.
Longroad is owned by the NZ Super Fund, a sovereign wealth fund in New Zealand, Infratil Limited, MEAG, and Longroad Energy Partners, LLC.
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