Investment firm The Carlyle Group has acquired a 100MW-strong portfolio of solar assets under development in the state of Maine, the largest portfolio under construction in the state.
The Carlyle Group has made the purchase through Acadia Renewable Energy, a newly-established affiliate of the investor’s, and described the acquisition as an “investment in Maine and its communities”.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Comprising eight projects with a combined capacity in excess of 100MW, the assets are backed via 20-year power purchase agreements with local utilities Central Maine Power and Versant Power.
Construction on the portfolio started in June this year and all eight are expected to be operational by Q3 2021.
The projects have been brought forward by Irish developer BNRG and the firm’s local development partner Dirigo Solar. The duo will now partner with Carlyle for the development and construction management of the assets.
““We are excited to be at the forefront of solar development in the Northeast. We see significant value in renewable development in the region and the support for these projects has been tremendous,” Pooja Goyal, managing director and co-head of Carlyle’s infrastructure group, said.
Carlyle said the deal represents more than US$130 million of capital investment into solar in Maine, and the firm has executed construction and debt financing for the portfolio, tapping up HSBC Bank USA for lead arrangement and administration. Equity capital for the transaction was committed by Carlyle’s own Renewable & Sustainable Energy Fund.
