NuGen TES Closes First Tax Equity Deal for MidCoast Solar’s Maine Community Solar Portfolio
News related to:NuGen Tax Equity Solutions · 2 min read
PROVIDENCE, R.I., Nov. 04, 2026 /CourierPR/ -- NuGen Tax Equity Solutions has closed a significant deal, marking a new chapter for MidCoast Solar’s community solar portfolio in Maine. The transaction, structured and advised by NuGen TES, is the first in a series of projects that will leverage tax equity to support the development of community solar initiatives in the state.
MidCoast Solar, a Maine-based renewable energy company with over 28 years of experience, has been at the forefront of greenfield development, project execution, and asset management. The company has spent more than 15 years building a portfolio of over 100 megawatts across the Northeast, focusing on commercial and utility-scale solar projects, with a particular emphasis on Community Distributed Generation (CDG).
NuGen TES, a subsidiary of NuGen Capital Management, has been instrumental in structuring and advising on tax equity for solar and storage projects across the United States. Founded in 2010, NuGen Capital Management has developed, acquired, financed, and operated solar projects, owning and managing a portfolio of over 100 megawatts in the Northeast. This hands-on experience has shaped NuGen TES’s approach to every deal, ensuring that developers can take their projects all the way to operation and own what they build.
The deal with MidCoast Solar is a testament to NuGen TES’s ability to navigate the complexities of smaller projects, which often face challenges in securing tax equity. By managing diligence, underwriting, and structuring, NuGen TES has created a clear, protected path for investors to enter projects that might otherwise be overlooked. The transaction included the support of Amis, Patel & Brewer, LLP (APB) as syndication counsel and Sheridan CPA LLP on financial modeling, domestic content, and cost segregation.
APB, a boutique law firm focused on clean energy and sustainability, was pleased to support NuGen in expanding access to tax equity for a new group of distributed generation developers.
Sheridan CPA LLP, a certified public accounting firm specializing in clean energy finance, also played a crucial role in the transaction.
Heading into 2027, NuGen TES continues to pursue new tax equity opportunities, while NuGen Capital is evaluating developer portfolios, focusing on geographically clustered projects totaling 20 megawatts or more where its diligence and advisory team can have the greatest impact. Together, NuGen TES and NuGen Capital offer flexible structuring and advisory support for both larger single projects and multi-site portfolios, with the goal of building lasting relationships with developers and industry partners through repeat transactions.
The transaction with MidCoast Solar underscores the growing importance of community solar initiatives in Maine and the broader Northeast. By retaining long-term ownership of their projects, developers can generate free cash flow to support their pipelines, while tax equity partners can monetize the investment tax credits that account for a large share of project returns. This model not only benefits the developers but also the local communities and stakeholders who trust in the projects from the start.