We advised CleanCapital in its purchase of a 6.7 MW distributed generation solar project in Maine from EPC and O&M provider Borrego. The project will operate as a part of Maine's Net Energy Billing (NEB) kWh Credit Program, which encourages the use of small-scale renewable generation facilities and permits small renewable generators to sell power to residential off-takers at a fixed discount to the prevailing utility rate for a 20-year term. This is CleanCapital's first project in Maine and is expected to reach commercial operation in 2022.
CleanCapital’s portfolio is comprised of more than 230 MW in 19 states, and its cumulative acquisitions now total more than US$850 million. The transaction will increase accessibility to renewable energy for Maine homeowners and advances the transition of the energy grid towards renewables.
Orrick regularly advises renewable energy clients on distributed generation, corporate and industrial (C&I), residential and utility-scale solar transactions. The team was led by Kristin Seeger and included Molly Jergenson.