BUFFALO, N.Y., Feb. 28, 2018 /PRNewswire/ -- 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, and
within the jurisdiction of ISO New England.
The Pittsfield (Maine) Solar Project consists of 40,300 solar
panels erected on 57 acres of a 115-acre parcel owned by Cianbro
off Route 2 in Pittsfield. The
solar panels absorb the sun's energy and convert it into Direct
Current (DC) electricity. The energy is inverted to Alternating
Current (AC) and sent to the ISO New England grid where the
electricity is sold under a 20-year contract with Central Maine
Power Company. The Pittsfield Solar Project is now the largest
operating within the New England ISO.
M&T Bank began leasing renewable energy equipment in 2014
and 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.
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, Vice President and Renewable Energy Specialist for
M&T Bank.
The Pittsfield Solar 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.
"It's good, clean energy," said Cianbro's Facilities Manager
Tom Ruksznis, who spearheaded the
development of the solar project. "We converted a cornfield, a
little strip of woods, and a hay field and turned it into an
energy-producing facility. It's quiet, it's clean, and it will
deliver over 20 years of low maintenance electricity."
Ruksznis also points out that the facility contributes to the
Pittsfield tax base, and helped
the local economy in 2017 with more than 100 construction workers
that built the solar array.
About M&T Bank:
M&T Bank Corporation
(NYSE:MTB)("M&T") is a financial holding company headquartered
in Buffalo, New York.
M&T's principal banking subsidiary, M&T Bank,
operates banking offices in New
York, Maryland,
New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West
Virginia and the District of
Columbia. Trust-related services are provided by
M&T's Wilmington Trust-affiliated companies and by M&T
Bank.
© 2018 M&T Bank. Member
FDIC.
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SOURCE M&T Bank