MPUC Approves Term Sheet for Three Rivers Solar Power, LLC’s 100 MW Solar Project
Today, the Maine Public Utilities Commission approved a term sheet for a long-term contract for Three Rivers Solar Power, LLC’s 100 MW solar project. The Three Rivers Solar project will be located in Hancock County, Maine. It is a ground-mounted solar photovoltaic project, with an expected commercial operations date of no later than December 31, 2021. The term sheet provides the term of the long-term contract to be executed between Three Rivers and Emera Maine. The contract will be a ten-year energy only contract, with a price of $35/MWh in the first year of the contract. The price escalated 2.5% annually after the first year.
The Commission concluded that the project presents “a sufficient likelihood of providing ratepayer benefits over the term of the agreement to outweigh the risk inherent in long-term contracting” and that it satisfied the policy goals of 35-A M.R.S. § 3210-C(2). The Commission declined to move forward with six other long-term contract proposals.