The Main Street Solar Fund Invests in Maine Solar Developments
January 22, 2024 (Oxford, MS) – Addicus and TPC Capital Solutions are pleased to announce Main Street Solar Funds I and II have been successfully financed and brought online.
The capital raised allowed for the acquisition of two crucial solar developments. These projects, situated in Canton, Maine and Ashland, Maine, were certified to be placed in service at the end of December 2023. These developments are community solar projects, allowing Maine residents to sign up to receive discounted power rates or bill credits.
The Canton development will provide energy to the Central Maine Power Company NEB Program kWh customers. The project contains 10,140 solar panels, which is projected to produce 5,169,706 kWh of renewable energy per year.
The Sheridan development will power the homes of Versant Energy NEB Program kWh customers via 8,736 total solar panels. It is projected to produce 6,007,439 kWh per year.
These projects combined will work to offset 16,854,459 pounds of carbon emissions annually, which is the equivalent to 424,962 gallons of gasoline.
According to the U.S. Department of Energy, solar is the fastest growing and most affordable new source of electricity in America. Over 7,000 solar developments generating 948 megawatts of energy are currently installed in Maine, enough to power 169,821 homes according to the Solar Energy Industries Association.
Main Street Solar Fund I and II were financed by capital raised from investors across the United States, who were devoted to bringing green energy online. In addition to offsetting carbon emissions, investors will receive solar tax credits and other tax benefits designed to offset federal taxable income and tax liability, in addition to cash flow from the projects.
“We believe that the Main Street Solar Fund packs twice the punch of traditional investments. You’re creating alternative power sources to a nation that’s deprived of power, and at the same time, you’re effectively getting your entire equity investment back plus a positive return in the form of immediate tax reduction,” says Andrew Adams, founding partner and chief enterprise architect at Addicus.
This year’s Main Street Solar Fund, open to accredited investors, is anticipated to launch in Q1 2024, and we will be taking Indications of Interest early to determine our appetite to acquire attractive projects. To learn more about the Main Street Solar program, please visit www.mainstreetsolarfund.com.