Union Mutual Insurance Co. recently announced its participation in community-owned solar project under development by the Acorn Renewable Energy Co-op of Middlebury.
As the sole Series A member investor, Union Mutual has provided roughly one-third of the capital to construct the project and will receive federal tax credits in return in addition to keeping investment costs down for Series B member investors.
The project involves a 150 kW solar array on a capped former municipal landfill in Hinesburg, which will soon offer shares to residents who have an electric meter in the Vermont Electric Cooperative service territory.
These investors will receive the project’s net metered credits on their bills, and will take full ownership of the project when the equity structure is expected to flip in about six years.
The Acorn Energy Co-op is a member-owned cooperative serving residents and businesses in Addison, Rutland and Chittenden counties.
Union Mutual Chief Financial Officer Jennifer Galfetti cited the project as part of the insurer’s “ongoing efforts to be a good corporate citizen and environmental steward.”
Galfetti said her company “understands the importance of local, financially sustainable and affordable energy sources” and appreciates opportunities to invest locally.
Union Mutual of Vermont Companies consists of Union Mutual Fire Insurance and New England Guaranty Insurance Co., both based in Montpelier, and Community Mutual Insurance Co. based in Latham, New York. The three companies write $193 million in direct premium annually through independent agents throughout New England and New York.
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