Summit Ridge Energy has begun construction on a 44MW solar farm in Maine. The project is the first of 13 that Revision Energy has bought. The Maine NEB program will govern the community solar portfolio. The projects are anticipated to be operational between 2022 and 2023. With approximately US$700mm in capital financed, Summit Ridge Energy is the largest community solar owner-operator in the US, with a market share of projects in Maine and Illinois. Summit Ridge Energy will finance the projects through its specialized funding platform with Osaka Gas USA, while Revision will oversee the portfolio’s development, subscription, and construction. So far, Revision has signed up a large number of school districts, municipalities, hospitals, and local businesses to benefit from the power savings generated by these projects over a 20-year period.
“We are pleased for the chance to collaborate with one of the nation’s top solar asset owners and operators. This 44 MW portfolio of solar farms will spur local economic growth, generate well-paying employment, decrease Maine’s carbon footprint, and improve our energy independence “said Sam Lavallee, ReVision Energy’s Chief Financial Officer and one of the partnership’s primary architects. “We’re excited to be working with Maine’s biggest solar contractor and look forward to providing thousands of local families and businesses with monthly utility savings produced completely from clean, renewable energy,” said Garren Bisschoff, Summit Ridge Energy’s Vice President of Business Development.
Customers in Maine’s Net Energy Billing (“NEB”) program can lower their monthly power bills by purchasing bill credits created by community solar farms, allowing individuals, companies, and governments to save money on renewable energy without physically putting panels on their premises. Once operational, the portfolio of distributed solar farms will generate enough clean energy to deliver monthly electricity savings to roughly 11,000 residential and business consumers.