Eastern Bank is to provide U$S42 million in financing for five East Coast US solar farms.
The Massachusetts-based mutual will fund four projects in its home state and one in New Jersey. The five farms will have a combined capacity of 17MW.
“Eastern Bank is enormously proud of this achievement,” said Bob Rivers, Eastern Bank president and COO.
“These financings are another example of Eastern Bank’s commitment to sustainability, which include robust recycling efforts, our purchase of renewable energy certificates, providing eStatements for customers and much more.”
The financing was provided to three firms.
Mark Investment is working on two solar farm projects in Andover and Fall River, both in Massachusetts, Kearsarge Energy will work on the project in Hubbardston, Massachusetts, and NuGen Capital Management is concentrating on one project in Massachusetts and one in New Jersey.
“Solar development is a challenging business in a highly regulated environment,” said Andrew J. Bernstein, managing partner, Kearsarge Energy. “Our constituents include state and federal agencies, the physical neighbours to our farm, the municipalities, the utility companies, electrical contractors and manufacturers, and the users of electricity.
“Our bankers at Eastern worked with us to solve unique challenges in an exciting but evolving business,” added Kearsarge.
Massachusetts has a number of incentive schemes to promote renewable energy in the state that both the investers and Eastern Bank were keen to praise.
“Under Governor Patrick, solar power has been installed in nearly every Massachusetts city and town, largely due to smart, effective financing and incentives,” said Mark Sylvia, commissioner at the Massachusetts Department of Energy Resources.
“Our clean energy revolution is tapping local renewable energy sources, adding jobs, creating savings, and helping preserve our environment,” he added.