$3.3 Million
$8.6 Million
1.31
1
In partnership with the Prometheus Power Group, a Michigan-based developer with a focus on Community Solar initiatives, NT Solar provided an equity investment in the $3.3 million in Solar Investment Tax Credits (ITC) generated by the development of the solar site in Eastport, Maine. This is NT Solar’s first investment with Prometheus Power Group and ninth collaboration with investor PeoplesBank.
The Eastport project will serve a mix of residential and commercial subscribers through Maine’s Community Solar program, offering a 15% fixed discount on all allocated bill credits. The project also qualifies for the 10% Domestic Content adder under the Inflation Reduction Act, supporting U.S.-based manufacturing by utilizing domestically manufactured panels.
Prometheus Power Group is a developer and operator of community solar projects in the Northeastern, Mid-Atlantic, Midwestern, and Mountain West of the United States. The team has 150 MW in projects developed or in their near-term pipeline. Prometheus led the acquisition of the Eastport project from the original project developer, MidCoast Solar LLC, to their operating venture, Nugenics Solar LLC. To learn more about Prometheus Power Group, click here.
Since our inception in 2012, NT Solar has helped investors navigate Solar Investment Tax Credits and reach their Environmental Social and Governance (ESG) goals. We work to pair investors with the right solar project that will bring cost-effective energy options and growth to low-income communities, improve tax efficiency, and drive ESG initiatives.