Pennsylvania — Dynamic Energy Solutions announced that it has executed definitive asset sale agreements with the Renewable Power Group of Goldman Sachs for approximately 70 MWs of distributed solar generation in the state of Maine.
Comprised of 11 projects located throughout the state, the portfolio includes projects in Corinth, Madison, Norridgewock, Enfield, Exeter, Glenburn, Gray, Guilford, Leeds, and Wales. The portfolio is expected to come online in 2022 and 2023 and will connect to the local electric distribution systems in Central Maine Power and Versant utility territories.
These projects were developed under Maine’s net energy bill credit program that provides Maine commercial entities with the ability to derive economic and environmental benefits generated by the projects. Several of Maine’s largest employers have signed offtake agreements with Dynamic and Goldman Sachs.
“Achieving project financing agreements for these projects is an important milestone,” said Bangor, ME, native John Motta, Chief Development Officer of Dynamic Energy Solutions. “Once completed, these projects will generate significant benefits for several of the largest employers in Maine as well as supplemental income streams for landowners throughout the state. We are grateful for each stakeholder who has supported these great projects and are proud to contribute to the State’s important renewable energy goals.”
The Dynamic executives that led the effort are native Mainers who began developing the portfolio in early 2019 in advance of legislation passed under the Janet Mills administration that encourages balanced solar development throughout the state. During the development phase, Dynamic worked primarily with Maine-based companies to provide services and expertise in such areas as permit acquisition, geotechnical and environmental, land title and legal matters, and civil and electrical engineering.
This portfolio represents the first transaction between Goldman Sachs and Dynamic Energy and it will help Maine to achieve the Renewable Portfolio Standard goal of securing 100% of its energy from renewables by 2050.
“We appreciate the work of our development partners at Dynamic Energy, in addition to the many corporate partners that have agreed to become offtakers,” said Zachary Goldstein, vice president in the Renewable Power Group at Goldman Sachs. “Goldman Sachs is proud to invest in Maine’s clean energy strategy and we hope to continue to expand our presence in the State.”