The Department of Economic and Community Development (DECD) has announced the approval of tax increment financing (TIF) for the UPC Wind Power Project on Stetson Mountain in northern Washington County in Maine. TIF, a DECD program, uses future tax gains to finance current improvements that will create the gains.
The project is slated to begin this winter pending final approval by the Land Use Regulation Commission.
‘This historic action by the state of Maine represents a major milestone for the Stetson Wind Project as the TIF revenues will provide the necessary foundation to ensure the viability of the project,’ says Matt Kearns, UPC Wind's project manager for Stetson Wind.
The Stetson Wind Project will consist of the construction and operation of 38 GE 1.5 MW wind turbines. UPC expects the project to produce approximately 150 million kWh of electricity annually.