New Jersey, Rhode Island and North Carolina US$13 million funding for PV projects

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Professional business bank Bridge Bank Energy and Infrastructure Group (EIG) has announced the closure of a US$13 million financing deal for several solar installations in the US.

True Green Capital Management, an American investment institution and EPC MP2 Capital, have received funding for projects in New Jersey, Rhode Island and North Carolina.

EIG, a subsidiary of Bridge Capital Holdings, provided US$7.2 million in funding to True Green Capital Management for the construction of a solar installation project in Rhode Island that will supply energy to a major international utility that provides power to the consumer and commercial markets in the north east as well as a series of solar facility installations located in New Jersey.

Bridge Bank also recently provided over US$6 million in funding to MP2 Capital for the development and construction of solar power plants located in North Carolina that provide energy to a large investor-owned utility in the US.

The state of New Jersey has a 4GW goal for solar energy deployment and just this year Seminole Financial Services provided US$12 million in financing to Hudson Energy Solar, subsidiary of Just Energy Group, for several solar projects which are under development.

North Carolina will be receiving US$200 million over the next two years from German renewable energy company Greenex for PV projects. The first project of 50MW capacity is claimed it will be the largest PV system in the state.

Furthermore, North Carolina will receive a share of US$9 million from the US Department of Energy for research projects as part of its SunShot Initiative.

“As a private equity investor in the distributed solar generation space we needed to project finance several commercial roof-top solar installations in one facility,” said Panos Ninios, partner and CEO at True Green Capital Management.

“Bridge understood this concept and was able to structure, conduct due diligence and close multiple facilities under one loan agreement in an efficient, cost effective and client friendly manner.”

EIG was formed in 2011 to provide funding to solar developers whose projects typically fall within the one to ten megawatt range. Since its founding, EIG has issued over US$75 million in loan commitments to developers with projects throughout the US. Over the past seven years, Bridge Bank has built a presence in the alternative energy sector. In that time, over US$150 million in loans and credit commitments have been extended by the bank to firms engaging in renewable energy and solar projects.

10 November 2021
The solar tracker market continues to mature at breakneck speed, with designs and component selections becoming ever-more complex in the pursuit of better project economics. But a more simplistic design could deliver a triple benefit of lower Capex, EPC and Opex costs. This webinar will set out the ideal single axis tracker design for utility-scale solar farms. The design leapfrogs from decades of experience, with a comprehensive understanding and attention to the three cost structures of Capex, EPC and Opx. Sun and Steel Solar has prototyped a single axis tracker designed to deliver up to US$0.03/W in real savings compared to existing single axis trackers on the market. That’s US$30 million for every gigawatt deployed.
15 November 2021
The 10th edition of the famous Metallization and Interconnection Workshop, MIW2021, will take place in the Thor Central venue in Genk, Belgium, on Monday, November 15, and Tuesday, November 16, 2021 as a face-to-face meeting. We are longing for direct exchange of knowledge and ideas after a long time. Hopefully you can be part of it! But of course, the organizors will keep an eye on the evolution of the Covid pandemic. It will be assess carefully, whether the workshop can be held without major risks or excessive restrictions. We are looking forward to exciting talks, discussions and meetings and to welcoming you in Genk!
23 November 2021
The solar, storage and EV industries in the UK are going from strength to strength. There is no better place for the community to meet, share ideas and do business than Solar & Storage Live from 23-25 November at the NEC.There’s something for everyone; more than 150 exhibitors, a high-level conference, a start up and innovation zone, a poster zone, strategic partners to network with and much more. 
1 December 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content, access to session recordings and chat/messaging tools for delegates to connect.
2 December 2021
Intersolar is the world’s leading exhibition & conference series for the solar industry. As part of this event series, Intersolar India in Mumbai is India’s most pioneering exhibition and conference for India’s solar industry. It takes place annually and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. Since 2019, Intersolar India is held under the umbrella of The smarter E India – India’s innovation hub for the new energy world.
13 January 2022
Intersolar North America and Energy Storage North America “Come Together” for the first time in Long Beach, CA—connecting installers, developers, utilities, technology providers, policy makers, and key stakeholders from around the world to advance the clean energy future. With best-in-class conference programming, integrated exhibits and pavilions, and the live Solar Games installer competition, #isnaesna21 will showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets. Register today to redeem our exclusive offer for PV Tech readers—free expo hall or 20% off full conference pass.

Read Next

October 21, 2021
A round-up of the latest news from the US solar market, featuring project financing from Cypress Creek and DE Shaw, SolarEdge project launches and solar loan securitisations from Sunnova and Mosaic.
PV Tech Premium
October 21, 2021
Chinese power restrictions are likely to change in Q1 next year and will consider the power necessity and industrial demand of certain regions. Nonetheless, polysilicon prices will remain high well into next year and could rise even further.  And, distributed solar is the future of solar PV generation in China.
October 21, 2021
US utility Hawaiian Electric is seeking proposals from resources including solar-plus-storage as part of its latest “all-source” renewables procurement round.
October 21, 2021
Tesla solar installations jumped by 46% year-on-year but fell slightly sequentially to 83MW in Q3 as the clean tech giant targeting greater profitability from its energy division.
October 20, 2021
Spain’s latest renewables auction closed with solar PV bidders being awarded just 866MW of capacity, with players such as Naturgy and Bruc among the winning participants.
October 20, 2021
The main shareholder of Falck Renewables is selling its controlling stake in the solar and wind developer to an investor advised by JP Morgan Investment Management.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021