M&T Bank has provided $22.4 million in equipment lease financing for Cianbro Corporation to complete the construction and commissioning of the largest solar producing energy facility in Maine.
Courtesy of NREL
The Pittsfield (Maine) Solar Project will be the largest solar array in New England, consisting of 40,300 solar panels erected on 57 acres of a 115-acre parcel of land owned by Cianbro off Route 2 in Pittsfield. The energy generated by the facility will be sent to the New England grid and sold under a 20-year contract with Central Maine Power Company. The project has the capacity to send up to 9.9 megawatts of AC electricity to the grid every hour during ideal conditions, enough to supply 6,500 homes at peak generation.
M&T Bank began leasing renewable energy equipment in 2014 and has provided about $180 million of financing, of which about $100 million went to 42 solar projects. The Pittsfield, Maine project is the largest solar energy project the bank has financed.
“Our success as a bank depends on helping our customers with the right financing solutions needed to fit their specific projects” said Jennifer Noah, Vice President and Renewable Energy Specialist for M&T Bank. “Equipment leasing is a financing option in the renewable energy sector that works for both the bank and our clients, and it has a positive impact in our communities by expanding the supply of clean, renewable energy”.
Cianbro’s Facilities Manager Tom Ruksznis, added that the facility contributes to the Pittsfield tax base, and helped the local economy in 2017 with more than 100 construction workers building the solar array.