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USDA to invest $11 million in Belfast solar project

Feb 23, 2021

Bangor — USDA Rural Development is investing $22,300,000 through loan guarantees for solar renewable energy projects located in two Maine communities through its Rural Energy for America Program.

Two solar businesses will receive a total of $22,300,000 in funding through Rural Energy for America Program Loan Guarantees, in partnership with the lender, Crestmark, A Division of Meta Bank:

Perkins Road Belfast Solar LLC, in Belfast, will receive a total of $11,100,000 to refinance a short-term loan used to build a 7.0 MWdc ground-mounted solar project located in rural Belfast, Maine. In addition to this Guaranteed Loan, the project will be financed by a borrower contribution of $120,065 and a tax equity investment of $6,400,000. The project has interconnection and net energy billing agreements in place with Central Maine Power Company, is expected to produce 8,829,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $30/hour.

Another $11.2 million will go to Route 32 China Solar LLC in China. This project is expected to produce 9,185,000 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 Jay Fortier, Rural Business & Cooperative Programs loan specialist, at 289-2814, email him at jay.fortier@usda.gov, or visit the USDA Rural Development website to view the details of the program.

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