M&T Bank provides equipment lease funds for 9.9-MW solar plant in Maine

Source: EBRD (www.ebrd.com)

March 1 (Renewables Now) - US lender M&T Bank Corp (NYSE:MTB) said yesterday it has extended USD 22.4 million (EUR 18.4m) in equipment lease financing for a 9.9-MW solar park in Maine.

The financing allowed construction group Cianbro Corp to conclude construction and put online the Pittsfield (Maine) solar farm. Situated on a 57-acre site previously used for agricultural needs in Pittsfield, the plant consists of 40,300 photovoltaic (PV) panels that are feeding their output into the electric grid of ISO New England. The PV park is currently the largest one operating within the New England ISO's system.

"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," said Jennifer Noah, VP and Renewable Energy Specialist for M&T Bank.

The solar park's output, expected to be enough to supply 6,500 homes when working at peak capacity, is sold to Central Maine Power Company under a 20-year power purchase agreement.

(USD 1.0 = EUR 0.819)

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription