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.