Energy company Hudson Energy Solar is the latest addition to Seminole Financial Services’ portfolio with a US$12 million financing deal.
Seminole has also provided a debt facility of approximately US$6.5 million to Hudson Energy Solar, subsidiary of Just Energy Group.
The initial funding is for several solar projects under development in New Jersey. This financing arrangement will allow Hudson Energy Solar to complete the projects as well as utilize much of the tax incentives available for renewable energy projects.
Additionally, as part of the structure, an institutional lender has provided an aggregate investment of approximately US$7 million with respect to the projects. The Seminole construction loan will be repaid from the proceeds of the permanent debt facility and the institutional investment. The financing structure has the capability to be used to support additional solar projects, supporting the continued growth of Hudson Energy Solar.