Nexamp has been chosen by Arctaris Impact Investors to develop a community solar installation on 31 acres of land at Saddleback Mountain Ski Resort in Rangely, Maine.
The project is set to be nearly 7.5 MW in capacity, and Saddleback will serve as the project’s anchor tenant. It has not been made public yet how much of the capacity will be open for other subscribers. The project is a part of the sweeping renovations that Arctaris Impact Investors are undertaking at Saddleback, which has been closed since 2015.
Construction on the solar farm is expected to begin in early 2022 and is on track to be generating clean energy for the CMP grid by the start of the 2022-23 ski season. According to Saddleback’s General Counsel, Tom Federle, who led project development, the installation will comprises less than one percent of Saddleback’s real estate, with the development team placing emphasis on having the project harmonize with the mountain’s natural appeal.
The project has achieved an interconnection agreement with Central Maine Power.
In August, Nexamp secured a $240 million equity investment led by Generate Capital, on top of the $440 million in debt financing the company raised in March, bringing its total new funding to $680 million.
The company said it will use the most recent equity investment to expand to more markets. It will also continue to build its workforce to develop additional retail offerings. Nexamp said it has more than 300 employees, tripling its workforce in less than three years. To date, the company has put more than 300 MW of renewable generation into service.
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And how much is the going to drive up the already high cost of electricity for the consumers who live in Maine? There ain’t no free lunch.