Three Corners, a Longroad Energy solar project located in Maine, USA, has been successfully financed.
A major project in Maine
Three Corners is located in Kennebec County, Maine. The approximately $200 million project has been in development for five years. When completed in late 2023 or early 2024, it will be the largest solar project in the state.
Matt Kearns, Longroad Energy’s Director of Development, states:
“We are pleased to have reached this important milestone, and grateful for the support of the cities of Benton and Clinton, Kennebec County, and the people of the region. Two hundred million dollar projects don’t come along every day in Maine – the Mills Administration has fostered an attractive environment for renewable energy investments. This project will be an important resource for Maine to help meet its clean energy goals and will bring significant economic benefits to Kennebec County and the region.”
EDF Energy Services will purchase the total output of the project via a long-term Power Purchase Agreement (PPA). EDF Energy Services will use the renewable energy generated by the project to power its corporate customers in New England.
Three Corners Solar will also contribute to the reliability of the Maine and New England power grid. In effect, the project will provide capacity to the ISO-NE system. Deb Merril, President Retail of EDF Energy Services, said:
“This transaction demonstrates EDF Energy Services’ continued commitment to helping corporate customers meet their renewable energy procurement needs and sustainability initiatives. We are committed and proud to share our expertise and market knowledge to help our customers navigate this environment and select an attractive renewable product that helps them achieve their goal.”
In Longroad Energy‘s Three Corners solar project, KeyBank NA and US Bank served as lenders. In addition, US Bank was the only fiscal investor for the project. KeyBank Capital Markets acted as the lead coordinating arranger.
Societal perspectives
Three Corners Solar is expected to avoid emissions of approximately 140,000 metric tons of carbon dioxide per year. Thus, this is equivalent to taking about 30,000 cars off the road while the project is running. In addition, the solar project will generate approximately $8 million in property taxes for the host communities and the State of Maine.
In addition, Three Corners Solar will power several community contributions. As a result, $100,000 will benefit local scholarship programs and charitable organizations. This commitment is for 20 years, the duration of the project.
$100,000 will provide Unity College with funding for internships and research opportunities in the field of renewable energy. In addition, $25,000 will support conservation efforts at Sebasticook Regional Land Trust. Finally, Three Corners Solar retains approximately 1875 acres of woodland to protect deer wintering areas and the environment.
The Three Corners project will use 6/6+ series modules supplied by US-based First Solar. It will also use Nextracker’s single-axis tracking technology and Power Electronics’ inverters. In addition, the solar project will benefit from a connection to the Central Maine Power system.
