Three Maine solar energy projects will receive a total of $17.6 million in federal loan guarantees from the Rural Energy for America Program operated by the U.S. Department of Agriculture’s Rural Development office.
Pequawket Trail Baldwin Solar LLC will receive $10.9 million to refinance a short-term loan used to build a 6.8 megawatt ground-mounted solar project in Baldwin. In addition, the project will be financed by a borrower contribution of $187,483 and a tax equity investment of $6.2 million.
North Nobleboro Road Waldoboro Solar LLC will get $4.8 million to refinance a short-term loan used to build a 3.3 megawatt ground-mounted solar project in Waldoboro. In addition, the project will be financed by a borrower contribution of $539,708 and a tax equity investment of $2.1 million.
Enterprise Avenue Gardiner Solar LLC will receive $1.9 million to refinance a short-term loan used to build a 1.3 megawatt roof-mounted solar project in rural Gardiner. In addition, the project will be financed by a borrower contribution of $59,132 and a tax equity investment of $1.1 million.
The projects each have interconnection and net energy billing agreements with Central Maine Power. They are each expected to create three jobs with an average wage of $30 an hour.
The loan guarantees were made in partnership with the lender, Crestmark, a division of Sioux Falls, South Dakota-based MetaBank.
“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 statement.
Those interested in applying for the Rural Energy for America Program can contact Jay Fortier, rural business and cooperative programs specialist, at 289-2814 or jay.fortier@usda.gov, or by visiting the USDA Rural Development website at rd.usda.gov/me.
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