TROY, Mich., (January 16, 2019) – Crestmark’s Joint Ventures division and the Government Guaranteed Lending division secured a combined total of $73,280,557 in financial solutions for six solar energy clients in the second half of December.
- The Joint Ventures division:
- On Dec. 18, a $4,124,472 120-month operating lease transaction was completed with a solar developer in Massachusetts. The financing will be used to install a 2,244 kilowatt-direct current (KW DC) solar farm in Vermont, which has a local utility as the offtaker.
- A $1,310,405 solar construction term loan facility was provided to a solar developer in Vermont on Dec. 21. Once the construction of the 745 KW DC solar farm is completed, the term loan facility will be refinanced by a $2,600,000 120-month operating lease; and will have local municipality as the offtaker.
- On Dec. 21, a $6,172,000 180-month operating lease transaction was completed with a solar developer in Connecticut. The financing will be used to install a 2,810 KW DC solar farm in Vermont, which has a local utility as the offtaker.
- The Government Guaranteed Lending division:
- A $20,000,000 pre-notice to proceed line of credit facility was provided to a renewable energy developer in North Carolina on Dec. 20. The financing will be used to for solar development capital needs.
- On Dec. 27, a $20,836,840 solar construction term loan facility was provided to a solar energy provider in Oregon. Once the construction of the 15.24 MW DC, 116.3 acre utility-scale solar farm is completed, the term loan facility will be refinanced by a $10,000,000 USDA Rural Energy for America Program (REAP) permanent debt loan facility and a $1,900,000 USDA Business & Industry (B & I) permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
- A $20,836,840 solar construction term loan facility was provided to a solar energy provider in Oregon on Dec. 27. Once the construction of the 15.24 MW DC, 60.8 acre utility-scale solar farm is completed, the term loan facility will be refinanced by a $10,000,000 USDA REAP permanent debt loan facility and a $1,900,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.