Funding is Being Provided through the Rural Energy for America Program (REAP)
USDA Rural Development is investing $17,615,000 through loan guarantees for solar renewable energy projects in Maine through its Rural Energy for America Program (REAP).
USDA Rural Development Acting State Director Tommy R. Higgins said, “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. I am pleased Rural Development can work alongside solar developers and lenders to create renewable energy opportunities in Maine.”
In Maine, three solar businesses will receive a total of $17,615,000 in REAP funding through Rural Energy for America Loan Guarantees, in partnership with the lender, Crestmark, A Division of Meta Bank:
- Pequawket Trail Baldwin Solar, LLC, located in Baldwin, will receive a total of $10,900,000 to refinance a short-term loan used to build a 6.835 MWdc ground-mounted solar project located in rural Baldwin. In addition to this Rural Energy for America Program (REAP) Guaranteed Loan, the project will be financed by a borrower contribution of $187,483 and a tax equity investment of $6,200,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 8,404,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $30/hour.
- North Nobleboro Road Waldoboro Solar, LLC, will receive a total of $4,765,000 to refinance a short-term loan used to build a 3.34 MWdc ground-mounted solar project located in rural Waldoboro. In addition to this Rural Energy for America Program (REAP) Guaranteed Loan, the project will be financed by a borrower contribution of $539,708 and a tax equity investment of $2,100,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 4,131,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $30/hour.
- Enterprise Avenue Gardiner Solar, LLC will receive a total of $1,950,000 to refinance a short-term loan used to build a 1.3 MWdc roof-mounted solar project located in rural Gardiner. In addition to this Rural Energy for America Program (REAP) Guaranteed Loan, the project will be financed by a borrower contribution of $59,132 and a tax equity investment of $1,100,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 1,474,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $30/hour.
For more information on how to apply for USDA Rural Development’s Rural Energy for America Program, please contact Jay Fortier, Rural Business & Cooperative Programs Specialist at (207) 289-2814, email him at jay.fortier@usda.gov, or visit the USDA Rural Development website here to view the details of the program.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov/me.
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