USDA Rural Development Announces $22.3 Million for Solar Development Projects in Belfast and China, Maine

Name
Emily Cannon
Phone
City
Bangor ME
Release Date
Feb 23, 2021


Funding is Being Provided through the Rural Energy for America Program (REAP)

USDA Rural Development is investing $22,300,000 through loan guarantees for solar renewable energy projects located in two Maine communities through its Rural Energy for America Program (REAP).

USDA Rural Development Acting State Director Tommy R. Higgins said, “I am pleased that USDA Rural Development can assist with financing these solar projects, which will create clean, renewable energy to power Maine homes, businesses, and community facilities. This is one of many ways USDA Rural Development is investing in rural prosperity and contributing to sustainability in rural Maine communities.”

Two solar businesses will receive a total of $22,300,000 in funding through Rural Energy for America Program Loan Guarantees, in partnership with the lender, Crestmark, A Division of Meta Bank:

  • Perkins Road Belfast Solar LLC, located in Belfast, will receive a total of $11,100,000 to refinance a short-term loan used to build a 7.0 MWdc ground-mounted solar project located in rural Belfast, Maine. In addition to this Guaranteed Loan, the project will be financed by a borrower contribution of $120,065 and a tax equity investment of $6,400,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 8,829,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $30/hour.
  • Route 32 China Solar, LLC, located in China, will receive a total of $11,200,000 to refinance a short-term loan used to build a 7.35 MWdc ground-mounted solar project located in rural China, Maine. In addition to this Guaranteed Loan, the project will be financed by a borrower contribution of $593,382 and a tax equity investment of $6,000,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 9,185,000 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 Loan 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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