March 4 (Renewables Now) - The Maine Public Utilities Commission (PUC) has approved a proposed long-term power supply contract for the 100-MW Three Rivers Solar project in Hancock County, it was announced last week.
The commission said in a statement that it directs local utility Emera Maine to seal a final contract with project developer Three Rivers Solar Power LLC based on the now approved term sheet.
The energy only contract will have a term of 10 years and will see the electricity generated by the plant be sold at a price of USD 35 (EUR 30.9) per MWh in the first year, with a 2.5% annual escalation thereafter.
The ground-mounted solar power plant is expected to be completed by December 31, 2021.
(USD 1.0 = EUR 0.882)