NuGen Tax Equity Solutions Closes First Tax Equity Deal for MidCoast Solar’s Maine Community Solar Portfolio

NuGen TES brings an owner-operator’s approach to tax equity, helping community solar developers unlock value for themselves and their investors

PROVIDENCE, R.I., Nov. 04, 2026 (GLOBE NEWSWIRE) -- NuGen Tax Equity Solutions, LLC (NuGen TES) today announced that it has closed, as syndicator, a tax equity transaction for the first project in a MidCoast Solar community solar portfolio in Maine.

NuGen TES structures transactions specifically so that developers retain long-term ownership of their projects, either directly or as the Class B member of the tax equity partnership. NuGen TES then tailors its advisory support to each owner’s needs and remains engaged through the end of the tax credit recapture period.

Distributed generation developers take on significant risks and costs throughout the development process. Site control challenges, volatile equipment costs and lead times, rising interest rates and an evolving regulatory landscape have all squeezed returns on these projects. Rather than sell these projects at a steep discount, some developers have chosen to build and own them, generating free cash flow to support their pipelines. That strategy depends on monetizing the investment tax credits the projects generate, which account for a large share of project returns and require an experienced tax equity partner to capture their full value. As a result, seasoned tax equity investors often pass on smaller projects and newer developers, leaving many sound portfolios without a clear path forward. NuGen TES built its tax equity offering to close that gap by structuring transactions, advising developers and bringing the right investors to the table.

As syndicator and advisor on the MidCoast portfolio, NuGen TES led the work that often keeps investors away from smaller deals, managing diligence, underwriting and structuring to give investors a clear, protected path into projects that might otherwise be overlooked. Drawing on its broader experience, NuGen TES also advises developers where it can add the most value, including on transaction structure, term negotiation and preparing projects for long-term ownership. The deal team for this transaction included Amis, Patel & Brewer, LLP (APB) as syndication counsel and Sheridan CPA LLP (Sheridan) on financial modeling, domestic content and cost segregation.

“We develop solar in Maine because we care about the communities where these projects are built,” said Misha Curtis, Senior Project Manager at MidCoast Solar. “As fellow New England champions, NuGen truly understands the needs of Mainers and the intricacies of community solar. They recognize its profound benefits to the local community, especially for our NWF-certified habitat project site. Partnering with them allowed us to stay accountable to the landowners and subscribers who trusted us from the start, keeping ownership local. MidCoast Solar is a 28-year renewable energy company, and we are proud to serve our local small businesses and residents with a Maine-owned and operated project.”

“APB was pleased to support NuGen in expanding access to tax equity for a new group of distributed generation developers,” said Melissa Boudreau, Partner at APB. “Our tax equity and project finance experience, combined with NuGen’s distributed generation expertise, made this an impactful transaction. We look forward to helping more developers bring their projects to closing.”

“As a long-term partner to both the sponsor and NuGen across multiple business lines, we were glad to support this transaction,” said Christine Sheridan, Managing Partner at Sheridan CPA LLP. “Efficient structuring is what makes smaller projects work for both developers and investors. Leveraging our sector experience in distributed generation, we worked alongside our partners to facilitate a structure that met the needs of all stakeholders. We look forward to helping NuGen and its developer partners succeed on the next portfolio."

NuGen TES’s role goes beyond sourcing capital. As an owner-operator, NuGen Capital Management (NuGen Capital) has spent more than 15 years developing, acquiring, financing and operating solar projects, and today owns and manages a portfolio of more than 100 megawatts across the Northeast. That hands-on experience shapes how NuGen TES approaches every deal, drawing on internal expertise and a network of industry partners to oversee the components that matter most to a project’s long-term performance. Owning an operating portfolio also steadied NuGen Capital's own development pipeline and fueled its growth. NuGen TES now offers developers the same path, with support where they need it most, from structuring tax equity and sourcing debt to cost segregation, contract negotiation and site operations.

Under NuGen TES’s syndication structure, the developer retains long-term ownership of its projects. After the tax credit recapture period, the developer can buy out the investor’s interest and either sell the portfolio or continue operating it, using long-term cash flow to fund its next round of development. The result is a model that keeps local developers invested in the communities they serve, with savings and benefits that reach all stakeholders. NuGen TES structures and advises on traditional tax equity partnerships, tailoring each one to the developer’s goals.

“We didn’t learn solar from the sidelines. We learned it by developing, building, owning and operating our own portfolio, and that’s the foundation of NuGen Capital’s continued success,” said Laura Frazier, Managing Director, Business Development & Strategy at NuGen Capital Management. “Distributed solar is built by people on the ground, and we’ve assembled a network of partners with that same hands-on experience. Now we’re putting both to work, so developers can take their projects all the way to operation and own what they build. Ownership generates the cash flow that strengthens their balance sheets and funds their next projects, which matters more than ever as our industry moves through its next transition.”

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.

About NuGen Tax Equity Solutions

NuGen Tax Equity Solutions structures, syndicates and advises on tax equity for solar and storage projects across the United States. Drawing on NuGen Capital Management’s experience as a clean energy investor, developer and owner-operator since 2010, NuGen TES manages each transaction end to end for investors. It also advises and supports developers as they step into owning and operating their portfolios. Through a network of legal, insurance, engineering and advisory partners, NuGen TES helps developers carry projects from development through long-term operation.

Learn more at www.nugencapital.com.

About MidCoast Solar

MidCoast Solar is a Maine-owned and operated solar development company with over 28 years of experience in the renewable energy industry. The company brings extensive experience in greenfield development, project execution, operations, and asset management. MidCoast Solar’s project portfolio focuses on commercial and utility-scale solar projects, with a specialization in Community Distributed Generation (CDG), supporting the continued growth of renewable energy throughout Maine.

Learn more at www.midcoastsolar.com.

About Amis, Patel & Brewer, LLP

Amis, Patel & Brewer, LLP is a boutique law firm focused exclusively on clean energy and sustainability. We provide the full scope of deal-related legal services to clients in this sector, including those in the utility-scale wind and solar, distributed and community solar, biomass, battery storage, energy efficiency and controlled environment agriculture industries. Since the formation of the firm, we have closed numerous high-profile transactions, including several that have won “deal of the year” accolades from industry specialists. Our deep industry knowledge, paired with our singular focus and our shared belief in our clients’ goals, positions us as a leader in providing legal services to the clean energy sector.

Visit www.apbllp.com for more information.

About Sheridan CPA LLP

Sheridan CPA LLP is a certified public accounting firm delivering sophisticated solutions to the renewable energy sector. Specializing in clean energy finance, the firm provides comprehensive audit and assurance, complex tax structuring, strategic transaction advisory, and full-scope business and individual tax preparation for developers, syndicators, and project principals. With extensive experience spanning Section 48 and 48E investment tax credits (ITCs), transferability frameworks, rigorous financial statement audits, and cost-segregation analyses, Sheridan CPA LLP supports clients financial needs, de-risk capital and optimize transaction structures.

For more information, visit sherico.com.

For more information, contact:
Talya Rezaoui
Business Development Team, NuGen Capital Management
bd@nugencapital.com