Goldman Sachs Asset Management, an investment manager, entered into a definitive agreement with Dynamic Energy Solutions, a commercial and utility-scale solar project developer, for the acquisition of approximately 70 MW of distributed solar generation project portfolio in the state of Maine.
The portfolio comprises 11 projects located throughout Maine, including projects in Corinth, Madison, Norridgewock, Enfield, Exeter, Glenburn, Gray, Guilford, Leeds, and Wales. The project 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.
The 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. Dynamic and Goldman Sachs have signed offtake agreements with many of Maines’s employers.
“Achieving project financing agreements for these projects is an important milestone,” said John Motta, Chief Development Officer at Dynamic Energy. “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 is proud to contribute to the State’s important renewable energy goals,” he added.
Dynamic Energy executives began developing the portfolio early in 2019 in advance of legislation passed under the Janet Mills administration.
During the development phase, Dynamic worked primarily with Maine-based companies to provide services and expertise in permit acquisition, geotechnical and environmental, land title and legal matters, and civil and electrical engineering.
“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 of 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,” he added.
In April 2021, CS Energy, an integrated energy firm that designs and builds optimized projects in the solar, storage, and emerging energy industries, partnered with the Goldman Sachs Renewable Power Group and the New York State Energy Research and Development Authority to develop and construct 216 MW of new utility-scale solar projects across New York.