Nexamp expands its Maine footprint with five new projects acquired from TurningPoint Energy
Nexamp is accelerating its investment in Maine as it becomes the long-term owner of a portfolio of community solar projects developed by TurningPoint Energy (TPE), a clean energy development, advisory and investment company. The five projects in the transaction total 35 MW across Central Maine Power (CMP) territory and join other Maine projects already in development or acquired by Nexamp. The portfolio was developed by TPE as part of Maine’s Net Energy Billing program, which was expanded in 2019 under Governor Mills to promote the adoption of renewable energy and community solar, along with its benefits for ratepayers across the state.
As the long-term owner of these community solar farms, Nexamp will handle construction, operations & maintenance, and subscriber management. Construction on the projects is scheduled to begin later this year and area residents who are CMP customers will be able to tap into 15% savings on their electric bills through Nexamp’s industry-leading community solar program, which boasts no sign-up fees, long-term commitment or equipment to install.
“Maine has tremendous potential to emerge as a regional leader in solar and energy storage deployment,” explained John Murphy, Nexamp’s SVP of Corporate Development. “By collaborating with the talented development team at TurningPoint Energy on this project portfolio, Nexamp will deliver on the promise of clean energy benefits for more Mainers, more quickly.”
TPE expanded its business operations to Maine in 2019, a move the company announced following the state’s passage of the community solar program. “We are excited to announce the delivery on our second project portfolio in Maine and our first with Nexamp,” said Jared Schoch, President at TurningPoint Energy. “These solar farms will certainly make a positive impact on Maine’s goal of 80 percent of electricity from renewable sources by 2030.”
The five projects included in the portfolio range in size from 6.6 MW to 7.5 MW and are located in Newport, North Berwick, Old Orchard Beach, Richmond, and Windham. Each one is in the late stages of development and will serve hundreds of subscribers who will receive CMP bill credits from the clean energy generated and fed to the grid by the solar facilities. Community solar projects like these are playing a significant role in helping states meet aggressive clean energy goals.
The projects included in this announcement represent the following benefits for the State of Maine:
• Clean energy generation sufficient to power more than 7,000 Maine homes
• Capital investment of more $63 million and economic opportunities for Maine-based firms
• More than 100 projected construction and ongoing operations and maintenance jobs
• Environmental equivalent of planting more than a half million trees or taking more than 7,000 cars off the road for the year
• TPE has committed $65,000 in total community investment to deserving charities and related Maine-based entities in each community where these projects are located
Nexamp was among the first community solar providers in the state and aims to commence dozens of projects in 2021 that, once interconnected, will deliver substantial savings for residential and commercial customers alike. The company already is a national leader in making clean energy simple and accessible for all, focusing on providing decarbonization options that make it easy to save money while protecting the environment and supporting local sources of renewable energy.
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