Renewable Properties expands in Maine with another NextGrid portfolio acquisition
Renewable Properties, a developer and investor in small-scale utility and community solar projects, will be adding over 42 MW of Maine community solar, via NextGrid in three tranches. This adds to Renewable Properties’ growing pipeline of community solar projects across the US. In the Northeast, the company already owns projects in New York and Massachusetts and is developing projects in New Jersey, Connecticut, and Pennsylvania.
All of the NextGrid acquisitions are participating in Maine’s net energy billing (NEB) program, which allows residential, commercial, municipal, and industrial customers to offset their electricity bills with the energy generated from renewable energy projects located within their utility service territory. Since the NEB program and other favorable solar policies were introduced in 2019, solar generating capacity in Maine has surged by 300%.
“We’re excited to help Maine expand its energy market with community solar, which increases access to local clean energy and its many benefits,” said Aaron Halimi, Founder & CEO of Renewable Properties. “With these projects, local homes and businesses will save on their electricity bills, regardless of whether they rent or own their roof with no money down. We’re excited about partnering with NextGrid on this portfolio of projects and look forward to building our long-standing working relationship.”
Since 2019, Renewable Properties has acquired over 100 MWs of solar projects that are currently in various stages of development, leveraging Renewable Properties’ flexible capital and development acumen to structure acquisitions at any point of the project life cycle.
The operational projects in the initial portfolio tranche total 18.63 MW. They include two in the town of Lewiston, one in Poland, and one in Waterville.
- The Lewiston projects, totaling 7.5 MW with 1,233 subscribers, have been operational since Sept. 1, 2022.
- The 5.56 MW Poland project came online on Dec. 23, 2021 and now has 1,081 subscribers.
- The 5.55 MW Waterville project came online on March 16, 2022 with 780 subscribers.
Two projects of 5.4 MW each are under construction in Bangor and Howland. The projects, scheduled to come online by end of Q2 2023, will generate enough clean energy to power approximately 1,202 homes.
Another three projects, totaling 12.6 MW, are scheduled to commence construction in Q1 of 2023, with expected completion in December 2023. The projects, in Bangor, Winslow, and Manchester, will generate enough solar to power 1,257 homes.
“With these acquisitions, Renewable Properties continues to show its commitment to community solar in Maine,” said Aaron Culig, President of NextGrid. “We were pleased to partner with Renewable Properties for this third acquisition and look forward to building on our successful working relationship.”
In addition to the NextGrid portfolio acquisitions, Renewable Properties is separately developing a 2.8MW project in Skowhegan and another 2.8 MW project in Orono.
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