US-based Longroad Energy has commenced construction of the Three Corners Solar project in Kennebec County, Maine.
It has also announced the successful financing for the around $200m project, which has been in development for five years.
Upon completion either in late 2023 or early 2024, the 152MW Three Corners Solar project will become the largest solar project in Maine.
Longroad Energy chief development officer Matt Kearns said: “We are glad to reach this important milestone and grateful for the support of the towns of Benton and Clinton, Kennebec County, and the residents of the area.
“$200 million projects do not come along every day in Maine – the Mills administration has fostered an attractive environment for investment in renewable energy. This project will be an important resource for Maine to help meet its clean energy objectives and will deliver significant economic benefits to Kennebec County and the region.”
The total power production from the project will be bought by EDF Energy Services through a long-term Power Purchase Agreement (PPA).
EDF Energy Services will use this renewable energy to cater to its corporate customer load in New England.
Furthermore, Three Corners Solar will also contribute to the reliability of the Maine and the New England power grid by delivering capacity to the ISO-NE system.
EDF Energy Services president of retail Deb Merril said: “This transaction demonstrates EDF Energy Services’ continued commitment to helping corporate customers meet their renewable power supply needs and sustainability initiatives.
“We are committed and proud to share our expertise and knowledge of the markets to help our customers navigate this environment and select an attractive renewables product that allows them to accomplish their goal.”
Keybank and US Bank served as lenders for the project.
Three Corners Solar is expected to help avoid emissions of around 140,000 metric tons of CO2 annually, which is the equivalent of taking around 30,000 cars off the road as long as the project operates.
Three Corners Solar project will be interconnected to the Central Maine Power system.
Longroad’s affiliate, Longroad Energy Services is the asset manager and operator, and will offer remote monitoring services to the project over the long term from its Scarborough-based remote operations centre.
Image: Three Corners Solar project will complete either in late 2023 or early 2024. Credit: StockSnap from Pixabay.