August 9, 2021 – Nexamp is accelerating its investment in Maine as it becomes the long-term owner of a portfolio of community solar projects developed by TurningPoint Energy (TPE), a clean energy development, advisory and investment company. The five projects in the transaction total 35 MW across Central Maine Power (CMP) territory and join other Maine projects already in development or acquired by Nexamp. The portfolio was developed by TPE as part of Maine’s Net Energy Billing program, which was expanded in 2019 under Governor Mills to promote the adoption of renewable energy and community solar, along with its benefits for ratepayers across the state.
As the long-term owner of these community solar farms, Nexamp will handle construction, operations & maintenance, and subscriber management. Construction on the projects is scheduled to begin later this year and area residents who are CMP customers will be able to tap into 15% savings on their electric bills through Nexamp’s industry-leading community solar program, which boasts no sign-up fees, long- term commitment or equipment to install.
“Maine has tremendous potential to emerge as a regional leader in solar and energy storage deployment,” explained John Murphy, Nexamp’s SVP of Corporate Development. “By collaborating with the talented development team at TurningPoint Energy on this project portfolio, Nexamp will deliver on the promise of clean energy benefits for more Mainers, more quickly.”
TPE expanded its business operations to Maine in 2019, a move the company announced following the state’s passage of the community solar program. “We are excited to announce the delivery on our second project portfolio in Maine and our first with Nexamp,” said Jared Schoch, President at TurningPoint Energy. “These solar farms will certainly make a positive impact on Maine’s goal of 80 percent of electricity from renewable sources by 2030.”
The five projects included in the portfolio range in size from 6.6 MW to 7.5 MW and are located in Newport, North Berwick, Old Orchard Beach, Richmond, and Windham. Each one is in the late stages of development and will serve hundreds of subscribers who will receive CMP bill credits from the clean energy generated and fed to the grid by the solar facilities. Community solar projects like these are playing a significant role in helping states meet aggressive clean energy goals.
The projects included in this announcement represent the following benefits for the State of Maine:
Clean energy generation sufficient to power more than 7,000 Maine homes
Capital investment of more $63 million and economic opportunities for Maine-based firms
More than 100 projected construction and ongoing operations and maintenance jobs
Environmental equivalent of planting more than a half million trees or taking more than 7,000 cars off the road for the year
TPE has committed $65,000 in total community investment to deserving charities and related Maine-based entities in each community where these projects are located
Nexamp was among the first community solar providers in the state and aims to commence dozens of projects in 2021 that, once interconnected, will deliver substantial savings for residential and commercial customers alike. The company already is a national leader in making clean energy simple and accessible for all, focusing on providing decarbonization options that make it easy to save money while protecting the environment and supporting local sources of renewable energy.
About Nexamp
Nexamp is leading the transformation to the new energy economy with proven solar and storage solutions that make clean energy more accessible. Our comprehensive solar and energy storage capabilities—including project development and acquisition, design, construction, and operations— make it possible to extend clean energy savings and benefits to more customers. Nexamp’s industry- leading community solar platform makes solar an option for anyone, providing guaranteed savings on their annual electricity costs. With more than 300 MW of renewable energy generating assets currently in operation, we are building a decarbonized energy future. Visit us at www.nexamp.com.
About TurningPoint Energy
TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $2.5 billion in value over 1.1 GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean, privately held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point.