CleanCapital announced today that it has partnered with 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.