Greenbacker Renewable Energy, through a subsidiary, bought two to-be-built solar projects in Maine from ReneSola Power Holdings.
The projects are the Athens Ridge solar project, a 3.8 MW array set to be constructed in Athens, Maine, north of Augusta, and the Mars Hill solar project, a 2.8 MW array slated for Mars Hill, on the state’s border with Canada.
The Athens Ridge and Mars Hill projects were sold at the notice-to-proceed stage. Greenbacker will complete construction and retain long-term ownership. Construction is expected to start in the first quarter of 2022, with both assets slated to reach commercial operation in the third quarter.
The projects mark the fifth and sixth installations acquired by Greenbacker from ReneSola this year. In the first quarter, Greenbacker bought a pair of the developer’s Utah solar assets, totaling 9.8 MW. The following quarter, it acquired two more pre-operational solar projects in Maine, Richmond Hill, a 2.5 MW installation, and Lebanon Road, a 2.8 MW array.
All four projects will be considered legacy additions to the state’s net energy billing program, which was capped in the second quarter of 2021. The program allows customers to realize savings by offsetting their electric bills either with owned or shared energy projects, like community solar. Those investments, in turn, spur further development.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.