The Carlyle Group to Partner with BNRG on Largest Solar Portfolio under Construction in Maine
Project to Supply approximately 19,000 Maine Homes with Solar Energy
New York - Global investment firm The Carlyle Group (NASDAQ: CG) today announced the acquisition of a portfolio of solar development projects in the state of Maine, through a newly-established affiliate Acadia Renewable Energy, LLC (“Acadia”), from the global solar independent power producer BNRG (“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.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.
BNRG was founded in 2007. BNRG specializes in utility-scale solar projects, covering all aspects of a project, from site origination to design, financing, construction and operation. BNRG’s deep knowledge and experience in the solar sector has resulted in the successful development, construction and operation of solar projects in the United States and Europe.
About Dirigo Solar, LLC
Dirigo Solar, LLC was founded in 2015. Dirigo Solar develops utility- and community-scale solar projects throughout the state of Maine. Dirigo’s mission is to leverage the technology efficiencies of solar to bring Maine ratepayers cost-effective, sustainable energy while enhancing the economic health of rural communities throughout the state.
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