Nexamp expands community solar in Maine with five-project portfolio
Nexamp advanced its investment in Maine’s solar market, becoming the long-term owner of a portfolio of community solar projects developed by TurningPoint Energy. The five projects 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 TurningPoint Energy 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.
“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.”
As the long-term owner of these community solar farms, Nexamp will handle construction, operations & maintenance, and subscriber management. Construction 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.
TurningPoint Energy expanded 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, ranging from 6.6 MW to 7.5 MW in size, are located in Newport, North Berwick, Old Orchard Beach, Richmond, and Windham. All five projects are currently in the late stages of development. Once completed, they 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 will bring many benefits to the State of Maine, including:
- Creating over 100 projected construction and ongoing operations and maintenance jobs
- Having an environmental impact equivalent to planting more than a half million trees or taking more than 7,000 cars off the road for the year
- TurningPoint Energy has committed $65,000 in total community investment to deserving charities and related Maine-based entities in each community where these projects are located
- 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
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