Carlyle Group taps into Maine solar with 100MW+ purchase

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The projects have been brought forward by Irish solar developer BNRG. Image: BNRG.

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”.

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.

Read Next

April 7, 2021
Norway’s sovereign wealth fund is eyeing potential investments in solar generation assets after making its first foray into renewables infrastructure.
April 6, 2021
LONGi Green Energy has confirmed the creation of a new business unit centred around the world’s nascent green hydrogen market.
April 1, 2021
US President Joe Biden has heaped importance on clean energy research and development, arguing it to be pivotal to boosting the country’s economic recovery within a multi-trillion-dollar infrastructure stimulus package.
March 31, 2021
Danish renewables developer European Energy is expanding its operations into the US market, announcing plans for a 300MW solar project in Texas.
March 30, 2021
‘Solar Module Super League’ (SMSL) member JA Solar has reported PV module shipments of 15.88GW in 2020, up from 10.26GW in 2019, a 54.8% increase year-on-year, setting new records for total shipments and shipment growth.
March 29, 2021
More than 180GW of solar will be deployed globally this year as the sector defies headwinds including higher module prices and supply chain constraints, IHS Markit has said.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET