solar rural development financing

08 Feb USDA Rural Development announces $17.61 million for solar projects

Published by Village Soup

February 8, 2021

solar rural development financingUSDA Rural Development is investing $17,615,000 through loan guarantees for solar renewable energy projects in Maine through its Rural Energy for America Program.

USDA Rural Development Acting State Director Tommy R. Higgins said, “This substantial investment in renewable energy systems means clean solar energy will be produced locally, potentially resulting in significant savings for residential, commercial and industrial rate payers in Maine’s rural communities. I am pleased Rural Development can work alongside solar developers and lenders to create renewable energy opportunities in Maine.”

In Maine, three solar businesses will receive a total of $17,615,000 in REAP funding through Rural Energy for America Loan Guarantees, in partnership with the lender, Crestmark, A Division of Meta Bank:

Of these three solar businesses, North Nobleboro Road Waldoboro Solar LLC, will receive a total of $4,765,000 to refinance a short-term loan used to build a 3.34 MWdc ground-mounted solar project located in rural Waldoboro.

In addition to this Rural Energy for America Program Guaranteed Loan, the project is financed by a borrower contribution of $539,708 and a tax equity investment of $2,100,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company.

This solar project is expected to produce 4,131,000 kWh of electricity in the first full year of operation and will create three jobs at an average of $30/hour.

For more information on how to apply for USDA Rural Development’s Rural Energy for America Program, contact Rural Business & Cooperative Programs Specialist Jay Fortier at 990-9128, or visit the USDA Rural Development website to view details of the program.


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