Carlyle Group acquires 100MW solar power plants in Maine from BNRG

The Carlyle Group, through its newly-established affiliate Acadia Renewable Energy, has acquired a portfolio of solar development projects, of more than 100MW, in Maine, US, from solar power producer BNRG.

The acquired portfolio is made up of eight solar projects, which are being built across southern Maine with an overall investment of more than $130 million. Under 20-year power purchase agreements, the solar power projects will sell their power to Central Maine Power and Versant Power (f/k/a Emera Maine).

David Maguire – co-founder of BNRG said: “Maine represents a tremendous opportunity for solar power generation, and we look forward to additional development activity in the state over the coming years. This is an investment in Maine and its communities.

“The power will be generated here in Maine and consumed by Maine ratepayers at a cost significantly below other forms of energy.”

Once commissioned, the solar power plants, put together, are expected to power nearly 19,000 Maine households. Construction on the portfolio began in June 2020, and is likely to be wrapped up by Q3 of 2021.

Carlyle Group acquires 100MW solar power plants in Maine from BNRG. Photo courtesy: Michael Schwarzenberger from Pixabay

Pooja Goyal – Managing Director and Co-Head of Carlyle Infrastructure Group said: “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.

“We look forward to partnering with BNRG to help further advance their pipeline of projects and continue contributing to the energy transition.”

BNRG, which is collaborating with its local partner Dirigo Solar, will also now partner with Carlyle Group for the development and construction management of the solar power portfolio.

Carlyle Group, in connection with the acquisition, said that it has executed construction and permanent debt financing for the solar power plants in Maine with HSBC Bank USA acting as lead arranger and administration agent.