US renewable energy developer Longroad Energy has commenced construction on the 152MWdc Three Corners solar project in Maine. Upon completion, it is expected to be the largest solar PV project in the state.
EDF Renewables has agreed a long-term power purchase agreement (PPA) for the entirety of the output from the Three Corners project, to supply its corporate customers in New England. It’s the largest corporate PPA signed in the New England power grid to date.
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The US$200 million project will also supply capacity to the ISO-New England system, the non-profit organisation that manages the operation of New England’s grid and transmission network.
Three Corners will use First Solar’s Series 6 modules, Nextracker’s single-axis tracker technology and Power Electronics inverters.
“US$200 million projects do not come along every day in Maine,” said Matt Keans, chief development officer for Longroad Energy. “This project will be an important resource for Maine to help meet its clean energy objectives and will deliver significant economic benefits to Kennebec County and the region.”
The project was financed by KeyBank and US Bank. Both acted as lenders, whilst US Bank was sole tax equity investor.
“US Bank has worked with Longroad Energy on four prior tax equity investments, and we’re excited to expand our support as lender as well on this project,” said Colin Witherspoon, business development officer with US Bancorp.
In August, Longroad Energy received a US$500 million investment to shift its business model to owning renewables projects, rather than its previous develop-to-sale model. It also said the investment would allow it to scale its 1.5GW solar portfolio to over 8.5GW of solar, storage and wind in the next five years.
In June, the company made an equity investment in distributed generation developer Valta Energy.