Twain Financial Partners and UGE International Ltd. announce they have closed a project debt and tax equity facility to finance six community solar projects in Maine.
The six projects range in size from 1.0MW DC to 3.0MW DC and participate in Maine’s community solar program. The first project is located in the Town of Norway, Maine and reached Notice to Proceed (“NTP”) last week. The remaining five projects are each expected to reach NTP throughout the remainder of 2022.
The facility includes both construction-to-term debt and tax equity, allowing UGE to efficiently execute on the deployment of this portfolio and others to come.
“We are pleased to be working with Twain on this portfolio and are excited to be scaling our operating portfolio,” said Brent Peterson, Managing Director of UGE Capital. “Twain’s ability to provide both debt and tax equity creates a cost-competitive and streamlined process that we look forward to replicating on future portfolios.”
Twain’s $25 million commitment is part of the specialty finance firm’s recent commitment to finance $1 billion worth of new renewable projects over the next three years.
Twain is well-positioned to be a single source of capital, providing efficiencies for clients like UGE. We are excited to collaborate with UGE, expediting clean energy projects here in Maine, and across the country.
Michael Park, Twain Director of Renewable Energy