Syncarpha Capital creating 74-MW group solar venture portfolio in Maine
Syncarpha Capital, a full-service solar developer, owner and operator of community solar parks, and Pacolet Milliken, a family-run investment company with roots in Maine, are planning to build around 74 MW of solar energy in the state.
This portfolio consists of 11 projects across the state and includes projects in Augusta, Belfast, Corinna, Edgecomb, Old Town, Pittsfield, Readfield, Troy, Wiscasset and Waldoboro, and some are scheduled to break ground this summer. These projects are connected to the local power distribution systems.
Central Maine Power residential customers who sign up with Syncarpha receive guaranteed savings on their electricity bills. In addition, commercial and industrial customers can participate in certain projects, who also achieve guaranteed savings on their electricity bills.
As Syncarpha and Pacolet Milliken’s expansion in Maine continues, more projects are currently pending approval, and Syncarpha hopes to begin construction later in 2021 or early 2022.
Syncarpha’s 7 MW project in Old Town will lease land from the city to build an array at Dewitt Airfield. This currently fallow, unused, untaxed, low agricultural value land will now be a stream of rental income for the city for the next 20 years.
In Readfield, Syncarpha and a property owner have reached an unusual agreement whereby the owner will put approximately 75 of 95 acres under conservation. The remaining area will be leased to Syncarpha for the construction and operation of a communal solar park.
The electricity generated by this facility benefits households in the same “load zone” as the utility and ensures that the country is not subject to sustained commercial development. After the useful life of the solar park, the devices are removed and the part used for solar energy is also preserved.
Syncarpha bought rocky land next to a highway in Augusta to build a solar park but will not develop the entire property. The project donates approximately 10 acres of woodland to Sportsman’s Alliance of Maine, their largest sports organization, for the Alliance’s outdoor education center.
Land agreements like these will help Maine meet the Renewable Portfolio Standard’s goal of getting 100% of its energy from renewable sources by 2050.
News from Syncarpha Capital