USDA Rural Development is investing $ 22,300,000 through loan guarantees for renewable solar energy projects in Belfast and China through its Rural Energy for America (REAP) program. partnership with lender, Crestmark, A Division of Meta Bank:
- Perkins Road Belfast Solar LLC, located in Belfast, will receive a total of $ 11,100,000 to refinance a short-term loan used to build a 7.0 MWdc ground-based solar project located in Belfast. In addition to this guaranteed loan, the project will be financed by a contribution from the borrower of $ 120,065 and a tax equity investment of $ 6,400,000.
The project has interconnection and energy net metering agreements in place with Central Maine Power Company, is expected to produce 8,829,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of $ 30 / hour.
- Route 32 China Solar, LLC, located in China, will receive a total of $ 11,200,000 to refinance a short-term loan used to build a 7.35 MWdc ground-based solar project located in China.
In addition to this guaranteed loan, the project will be financed by a contribution from the borrower of $ 593,382 and a tax capital investment of $ 6,000,000. The project has interconnection and energy net metering agreements with Central Maine Power Company, is expected to produce 9,185,000 kWh of electricity in the first full year of operation, and will create three jobs at an average of 30 $ / hour.
For more information on how to apply for USDA Rural Development’s Rural Energy for America program, contact Jay Fortier, Rural Business Loans and Cooperative Programs Specialist at (207) 289-2814, email him. e-mail [email protected], or visit the USDA Rural Development website here to see program details.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This aid supports the improvement of infrastructure; Business development; lodging; community facilities such as schools, public safety and health care; and high-speed Internet access in rural areas. For more information visit www.rd.usda.gov/me.
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