Syncarpha Capital and Pacolet Milliken Expand their Solar Portfolio throughout Maine
NEW YORK, May 28, 2021 /PRNewswire/ -- Syncarpha Capital, a full-service solar developer, owner and operator of community solar farms, and Pacolet Milliken LLC, a family-owned investment company with deep roots in Maine, are pleased to announce their 2021 expansion throughout the state. Thanks to the state's Net Energy Billing Program, Syncarpha and Pacolet Milliken anticipate building approximately 74 MW, comprised of 11 projects that have obtained their state and local permits. Located throughout the state, this portfolio includes projects in Augusta, Belfast, Corinna, Edgecomb, Old Town, Pittsfield, Readfield, Troy, Wiscasset & Waldoboro, a number of which are scheduled to break ground this summer. These projects will connect to the local electric distribution systems. Central Maine Power residential customers who sign up with Syncarpha will receive guaranteed savings on their electric bill. Additionally, certain projects will allow commercial and industrial customers to participate, who will see guaranteed savings on their electric bills, as well.
As Syncarpha and Pacolet Milliken's expansion in Maine unfolds, additional projects are currently in the permitting process, and Syncarpha hopes to have them start construction later in 2021 or early 2022. The following are a few highlights from solar projects that Syncarpha aims to build in Maine this year:
Syncarpha's 7 MW project in Old Town will be leasing land from the city to construct an array on the city-owned Dewitt Airfield. This land, currently vacant, unused and untaxed, with little agricultural value will now be a stream of rental income for the city over the next 20-years.
In Readfield, Syncarpha and a property owner struck an unusual agreement, whereby the owner will put approximately 75 of 95 acres into conservation. The remaining acreage will be leased to Syncarpha for construction and operation of a community solar farm. The power generated by this array will benefit households in the same utility "load zone," ensuring that the land is not subject to permanent commercial development. After the operational life of the solar farm, equipment will be removed, and the portion used for solar will be put into conservation as well.
Rocky land located next to a highway in Augusta will be used to generate clean local power. Syncarpha has purchased the land to build a solar farm, but will not develop the entire parcel. The project is donating approximately 10 acres of woodlands to the Sportsman's Alliance of Maine, Maine's largest sportsman's organization, for their outdoor education center. Syncarpha and Pacolet Milliken are proud to support Maine's sporting community.
Land arrangements like these will help Maine to achieve the Renewable Portfolio Standard goal of securing 100% of its energy from renewables by 2050. Syncarpha and Pacolet Milliken are proud to bring construction jobs, and clean, locally-sourced electricity to these communities and are hopeful to expand further in Maine, both this year and in the future.
About Pacolet Milliken, LLC
Pacolet Milliken is a private investment company with a multi-generational investment horizon, owned principally by the Milliken family. Pacolet Milliken operates through two divisions, Real Estate and Energy/Infrastructure, which includes a substantial renewables portfolio.
About Syncarpha Capital, LLC
Founded in 2009, Syncarpha Capital is a New York-based private equity firm dedicated to developing, acquiring, financing, owning and operating distributed- and utility-scale photovoltaic (PV) solar and other renewable energy systems across North America. Partnering with experienced developers, installers, engineers, and EPC contractors, and working closely with its customers, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses – as well as developing community shared solar solutions for consumers and commercial customers. Syncarpha currently owns and/or operates solar assets throughout the United States in nine different states.
Syncarpha Capital is actively seeking partners and sites to bring more clean solar energy to Maine and throughout the Northeast. Contact information: Michael Atkinson, Project Developer, at [email protected] or (617) 455-5692.
For more information about how to sign up for community solar with Syncarpha, call or email [email protected] or 888-55-SOLAR.
SOURCE Syncarpha Capital
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