North American solar energy promoter UGE International Ltd (CVE:UGE) said Wednesday that its 2.7MW on-ground public solar project in Vesey, Maine, has received a Notice to Start Construction (NTP).
The firm has the funding and all permits, including interconnection, for this project. Earlier this week, the company announced that it had reached financial close with a $12.5 million (€11.6 million) line of credit and a $7.1 million tax credit line to finance three projects it is implementing. in the US state of Maine.
According to UGE, the Veazie project has a total fair market value of $9.1 million, based on an independent third-party valuation of $3.39 per watt.
The community solar farm will be located in a former concrete plant and warehouse in a low to middle income neighborhood. Renovating the derelict site and being located in a community at risk of exclusion would allow the project to qualify for tax credits, UGE said.
The company expects the plant’s annual revenue to be around $449,600.
Construction of the Veazie solar farm will begin this spring. Energywell will manage customer subscriptions to the project. After commissioning, all the products of the plant will be consumed by local residents.
(1 USD = 0.928 EUR)
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