Newly established Carlyle Group affiliate Acadia Renewable Energy LLC has acquired a portfolio of solar development projects in Maine from global solar independent power producer BNRG.
The portfolio comprises eight solar projects across southern Maine. The projects will sell power to Central Maine Power and Versant Power under 20-year power purchase agreements. Once built, the projects are expected to generate over 100 MW of power.
Representing over $130 million of capital investment, this project is currently the largest solar portfolio under construction in Maine and is among the largest in the Northeast. Construction on the portfolio commenced in June and is expected to be completed by Q3 of 2021. BNRG, in collaboration with local partner Dirigo Solar, will now also partner with Carlyle for the development and construction management of the portfolio.
“We are excited to be at the forefront of solar development in the Northeast,” says Pooja Goyal, managing director and co-head of Carlyle’s Infrastructure Group. “We see significant value in renewable development in the region and the support for these projects has been tremendous. We look forward to partnering with BNRG to help further advance their pipeline of projects and continue contributing to the energy transition.”
In connection with the acquisition, Carlyle has executed construction and permanent debt financing for the portfolio. HSBC Bank USA N.A. acted as lead arranger and administrative agent. Equity capital for the transaction has been committed by Carlyle’s Renewable & Sustainable Energy Fund.
Photo: Dirigo Solar’s Press Resources web page