San Francisco, California (Dec. 5, 2022) — Renewable Properties, a developer and investor in small-scale utility and community solar projects, is expanding its portfolio in the Maine market, adding a third tranche of projects to the portfolio of Maine community solar projects acquired from NextGrid, a renewable energy company that develops and operates distributed solar energy and storage projects. With the addition of these projects, Renewable Properties’ Maine portfolio resulting from its partnership with NextGrid now totals over 42 MWdc of community solar projects in various stages of development, construction, and operation.
The over 40 MW of projects, acquired in three tranches, 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. 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.
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%. The projects acquired by Renewable Properties will contribute significantly to continued solar growth in the state.
“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.”
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 projects will offset 7,750 tons of CO2 annually. The 5.56 MW Poland project came online on Dec. 23, 2021. With 1,081 subscribers, the project will generate enough energy to offset 5,946 tons of CO2 per year. The 5.55 MW Waterville project came online on March 16, 2022 with 780 subscribers, and will generate enough solar energy to offset 4,959 tons of CO2 annually.
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 and offset 10,525 tons of CO2 annually.
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 and offset 11,000 tons of CO2 annually.
“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.