Press Releases-
The Fine Farms project developed by REI has reached the final stages of its construction. The installation of the racking is almost complete and the first rows of panels are currently being installed.
It is hoped that the farm will begin power generation from September 30th 2020. The total size of the plant is 4.8MW and will produce approximately 6.75 million kilowatt hours of solar electricity per year.
REI News Update
On April 27, 2020, REI met with the Cumberland Town Council for a workshop on its Gray Road Solar Project. The proposed site, on the west side of Gray Road, is situated in a MUZ (Mixed Use Zone -Residential/Commercial) with 5MW of capacity planned. The main issue was that a change of zoning was required in order for the project to proceed. Unfortunately, the Town of Cumberland did not allow the zoning change, and it effectively stopped the project in its tracks. This goes against state legislation signed last June by Governor Janet Mills, who has pushed for expanded solar production across the State of Maine.
We will continue to develop our other projects in Maine and hope that going forward, local Councils work more closely with developers to achieve the State’s legislative program.
PFALZSOLAR Inc. has been developing its project development in the USA since 2016 and is celebrating its first major successes this September. One of these successes is the fully engineered “Fine Farms” project with an output of 4.8 MW, which was sold a few days ago to an US-based investor who will shortly begin construction of the solar park.
“For us, the intensive business and project development of the past two years is starting to get paid off. Together with our local partners, we were able to expand our network and expand the project pipeline in the USA to currently over 600 megawatts, from which we were also able to implement the Fine Farms project,” says Max Huber, Head of Project Development & Strategic Purchasing at PFALZSOLAR.
With the “Fine Farms” project in Attleboro, Massachusetts, PFALZSOLAR INC, together with its partner Renewable Energy International LLC, has successfully completed the project development of a solar power plant with a capacity of 4.8 MW and a size of approx. 27acres. Once the project is “connected to the network”, it will produce 6.75 million kilowatt hours of CO2-neutral solar electricity every year.
“Fine Farms is our first project in the New England region, this is a great opportunity for us to take a look into the future and observe the market in this region. This will enable us to adapt our project business more effectively to the American market in the future and steadily expand our pipeline,” said Huber. In the short term, the PFALZSOLAR team plans to sell major projects with an output of up to 200 MW, completely developed, to third parties. The positive cooperation with the first investor “SeaOak” shows that the development process of the last two years was an important step in the right direction and speaks for a successful strategy in the USA.
“From a strategic point of view, the USA are a particularly significant target market for us in the course of internationalization. In recent months, we have realized that our slogan #WeLoveSolar is something that connects us with our business partners across national borders. Therefore, we are particularly looking forward to the upcoming meetings at Solar Power International next week in Salt Lake City,” underlines Lars Josten, President PFALZSOLAR Inc..
NEWS PROVIDED BY
Sea Oak Capital, LLC
September 19, 2019, 10:00AM ET
VERO BEACH, FL., September 19, 2019 – Sea Oak Capital, LLC (“Sea Oak”) has completed the acquisition of a 4.8 MW solar development asset from Renewable Energy International (“REI”) and Pfalzsolar Inc. (“Pfalz”). Located in Attleboro, Massachusetts, the greenfield community solar project is qualified under the SMART program.
“We are pleased to announce the addition of another Massachusetts project to our rapidly growing community solar portfolio,” said Dan Poydenis, Chief Executive Officer of Sea Oak. “We would like to congratulate and thank REI, Pfalz and Open Energy for their professionalism and hard work to make this acquisition happen. We continue to aggressively target additional projects in the SMART program in support of our 2021 goal of 100MW of operating solar projects under management.”
Sea Oak is a tax-advantaged fund specializing in renewable energy investments that can self-monetize the investment tax credits and depreciation benefits generated by such projects. The firm acquires operating and substantially developed solar projects across the United States through a variety of transactional structures. Click below to submit a project opportunity for consideration by a Sea Oak analyst or to schedule a meeting with a Sea Oak representative at Solar Power International.
“It is an honor to contribute to the SMART program as part of the aggressive strategy by the Commonwealth of Massachusetts to promote clean energy at the expense of carbon emitting technologies. We would like to thank our partners PfalzSolar and our advisors at Open Energy for their strong support and significant efforts.” said Jeff Potter, Chief Executive Officer of REI. REI is a leading solar developer specializing in the development and design of large- scale ground mounted solar projects in Massachusetts, Florida and South Carolina, with early stage projects advancing in several other states.
“We were pleased to support REI through a formal NTP asset sale process,” said Graham Smith, CEO of Open Energy Group Inc, financial consultant for Renewable Energy International. “In Sea Oak they found a quality partner committed to a high standard of execution.” Open Energy empowers developers, EPCs and asset owners to easily and efficiently access the capital markets to find the best-fit lenders, investors, and partners.