Global investment firm The Carlyle Group has announced the acquisition of a portfolio of solar development projects in the state of Maine, through a newly-established affiliate Acadia Renewable Energy, from the global solar independent power producer BNRG.

The portfolio is comprised of eight solar projects across southern Maine. The projects will sell power to Central Maine Power and Versant Power (f/k/a Emera Maine) under 20-year power purchase agreements. Once built, the projects are expected to generate over 100 megawatts of power, enough to supply approximately 19,000 Maine homes with solar energy. Representing over $130 million of capital investment, this project is currently the largest solar portfolio under construction in Maine, and is among the largest in the Northeast region. Construction on the portfolio commenced in June 2020, and is expected to be completed by Q3 of 2021.

BNRG, in collaboration with its local partner Dirigo Solar, will now also partner with Carlyle for the development and construction management of the portfolio.

Pooja Goyal, Managing Director and Co-Head of Carlyle’s Infrastructure Group, who led the investment in the Maine portfolio said, “We are excited to be at the forefront of solar development in the Northeast. We see significant value in renewable development in the region and the support for these projects has been tremendous. We look forward to partnering with BNRG to help further advance their pipeline of projects and continue contributing to the energy transition.”

David Maguire, co-founder of BNRG said, “Maine represents a tremendous opportunity for solar power generation, and we look forward to additional development activity in the state over the coming years. This is an investment in Maine and its communities. The power will be generated here in Maine and consumed by Maine ratepayers at a cost significantly below other forms of energy.”

In connection with the acquisition, Carlyle has executed construction and permanent debt financing for the portfolio. HSBC Bank USA, N.A. acted as Lead Arranger and Administration Agent. Equity capital for the transaction has been committed by Carlyle’s Renewable & Sustainable Energy Fund.