Transaction represents largest acquisition of community solar assets in Maine
Nexamp is acquiring a 10-project, 50-megawatt portfolio of community solar projects from Dimension Energy. The projects—representing some of the first developed after Governor Mills last year reinstated, expanded, and enhanced the state’s Net Energy Billing program—will enable residential customers of Central Maine Power and Versant Power to subscribe to a portion of a project’s output and receive savings through credits on their monthly electricity bills. Nexamp will build the assets and manage customer subscriptions with its in-house teams as the long-term project owner.
Dimension Energy’s development team started work on these projects by partnering with local landowners in early 2019. Having completed a holistic development approach that embraced state and local stakeholders, the first tranche of projects is fully permitted, with the remainder expected to receive final approvals by the end of 2020. Nexamp is actively developing more than a dozen additional projects of its own in Maine on similar timelines.
With hundreds of projects and thousands of subscribers around the country, Nexamp is a leading solar and energy storage provider that is growing rapidly through organic development as well as acquisition. The company offers a fully integrated suite of services ranging from development through construction, operation and subscriber management. As a long-term owner of all its projects, Nexamp works closely with communities to enhance local revenue, bring new job opportunities and deliver energy savings.
Solar Leadership in Maine
The Dimension Energy portfolio highlights the significant shift toward renewable energy under the Mills Administration. In June 2019, the Maine legislature amended the state’s Net Energy Billing program to reduce uncertainty and unlock value for households and businesses across Central Maine Power (CMP) and Versant utility service territories, and the state has quickly emerged as a solar energy leader.
“These projects will allow thousands of Mainers to support renewable energy while lowering their utility costs,” said Dimension Energy CEO Rafael Dobrzynski. “We applaud Maine legislators and Governor Mills for enacting policies that support the growth of clean energy investment and jobs across the state.”
Dimension Energy developed each of the 10 projects that will contribute millions of kilowatt-hours (kWh) of annual renewable electricity production toward the state’s goal of providing 80 percent clean energy by 2030 and 100 percent by 2050. The projects also contribute to Maine’s growing clean energy economy through local job creation and millions of dollars invested into energy infrastructure. Nexamp will begin construction of the projects in 2021.
“The leadership in Maine has taken a forward-looking approach to slowing climate change through the addition of much-needed clean energy resources such as solar,” added Nexamp CEO Zaid Ashai. “Between the projects we have underway with our own development team and the acquisition of this new portfolio from Dimension, we are well positioned to be a leading provider of community solar in Maine and help residents save money while protecting the beauty and sustainability of their great state.”
Solar Access for Mainers
Many residents are unable to install solar panels of their own because they don’t have the capital to make an upfront investment, don’t have a suitable roof, or rent their home or apartment. Community solar, via Maine’s Net Energy Billing program, enables any resident to support solar energy and save up to 15 percent on their annual electricity costs.
“The bold policymaking that attracts renewable energy investment and deployment is already producing results in the Pine Tree State,” noted John Murphy, Senior Vice President of Corporate Development for Nexamp. “Making clean energy simple and accessible to all is core to our mission, and it’s rewarding to partner with experienced developers like Dimension to extend our leading community solar program to new consumers in Maine.”
Any residential Central Maine Power or Versant utility customer will be eligible to join one of the projects through Nexamp with no upfront cost, no long-term commitment and no cancellation fees. Residents interested in subscribing may start the enrollment process via Nexamp’s online solar platform at www.nexamp.com.