Carlyle Group taps into Maine solar with 100MW+ purchase

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.

Tags: carlyle group, dirigo solar, bnrg, us, maine, investment, finance, m&a