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Seminole Financial Services has agreed to provide funding to the tune of US$4.3 million to NxGen Power for construction of a 1.3MW solar PV project in Raleigh, North Carolina. The solar farm will be situated on 10 acres of land next to Raleigh’s Neuse River Wastewater Treatment Facility and will be connected directly to the utility grid.
As developers, managers and owners of the project, NxGen Power aims to complete construction of the project by the end of 2011, at which point Seminole will contribute a further US$1.7 million as permanent project funding. The total expected spend on Seminole’s part is in the region of US$6 million.
NxGen founder Michael Byrnes commented on the funding win: “We are pleased we are under construction and have an outstanding project at Neuse River. When we announced the project in 2009, we anticipated this project to be completed and operational by now. Every one of our significant partners, were very patient. It was especially important to have a knowledgeable and reliable lender of renewable projects that allowed us to achieve this exciting milestone”.
