Crestmark is expanding its funding capabilities to provide several options to the growing solar energy market. Crestmark offers several financing programs to help business owners looking to minimize their up-front investment and maximize their renewable energy generation, including financing of solar field equipment, assisting with third-party ownership such as power purchase agreements (PPAs) and solar leases, and permanent debt USDA loans.

At the forefront of Crestmark’s solar industry financing expansion, Joint Venture Division President Larry Pearce said, “Solar energy is a quickly expanding industry, and we have found the original outlay to fund a solar farm and implement the necessary structure can prove difficult. We have enjoyed partnering with the people in the industry and have enjoyed learning how it works. Crestmark is happy that we have been able to help these companies grow, and we will continue to expand our offerings to this developing landscape.”

In the last eight months, Crestmark provided more than $63 million in financial solutions for new solar energy clients, including:

• A $5.1 million, 125-month operating lease transaction for a solar manufacturer in California. The financing will be used for 34 mobile solar generators, which has a public entity as the solar purchaser, or “offtaker.”
• A $1.71 million USDA REAP loan facility for a solar developer in South Carolina. The financing converts a 16-year PPA into permanent debt for a 25-year term; and will be used to install a 9.99 megawatt capacity solar farm, which has a utility company as the offtaker.
• A $1.635 million, 84-month operating lease transaction for a solar developer in Pennsylvania. The financing will be used to install a 673 kilowatt-direct current solar farm in Vermont, which has a private company as the offtaker.
• A $901,000, 84-month operating lease transaction for a solar developer in Pennsylvania. The financing will be used to install a 404kW-DC solar farm in Vermont, which has a municipality as the offtaker.
• A $1.875 million USDA REAP loan facility for a solar developer in South Carolina. The financing converts a 16-year PPA into permanent debt for a 25-year term and will be used to install a 5.9MW solar farm, which has a utility company as the offtaker.
• A $2.5 million USDA REAP loan facility for a solar developer in South Carolina on Sept. 27, 2017. The financing converts a 16-year PPA into permanent debt for a 25-year term and will be used to install a 7MW solar farm, which has a utility company as the offtaker.
• A $2.65 million, 84-month operating lease transaction for a solar developer in California. The financing will be used to install a 1,850kW-DC solar farm in Georgia, which has a utility company as the offtaker.
• A $4.513 million, 84-month operating lease transaction for a solar developer in Pennsylvania. The financing will be used to install a 1,690kW-DC solar farm in New Jersey, which has a school district as the offtaker.
• A $2.565 million, 120-month operating lease transaction wfor a solar developer in New York. The financing will be used to install a 1,511kW-DC solar farm in New York, which has a private school as the offtaker.
• A $6.3 million, 125-month operating lease transaction for a solar manufacturer in California. The financing will be used for 42 mobile solar generators.
• An $8.824 million USDA REAP loan facility and a $6.176 million USDA Business & Industry loan facility for a solar developer in North Carolina. The financing converts a 10-year PPA into permanent debt for a 20-year term and will be used to install a 75MW-DC utility-scale solar farm in North Carolina, which has a utility company as the offtaker.
• A $7.825 million USDA REAP loan facility and a $5.008 million USDA Business & Industry loan facility for a solar developer in North Carolina. The financing converts a 10-year PPA into permanent debt for a 20-year term and will be used to install a 75MW-DC utility-scale solar farm in North Carolina, which has a utility company as the offtaker.
• A $1.41 million, 96-month operating lease transaction for a solar developer in Pennsylvania. The financing will be used to install a 506kW-DC solar farm in Massachusetts, which has a private real estate development company as the offtaker.
• A $2.25 million construction loan facility for a solar developer in Maryland. The financing will be used for the acquisition of a 7.8MW-DC utility-scale solar development in Maryland, which has a private college as the offtaker.
• A $2.35 million USDA REAP loan facility for a solar developer in Texas. The financing converts a five-year PPA into permanent debt for a 20-year term; and will be used for the acquisition of a 7.09MW solar array in Texas, which has an energy retailer as the offtaker.