Crestmark’s Joint Ventures division and the Government Guaranteed Lending division secured a combined total of $73.28 million in financial solutions for six solar energy clients in the second half of December.
Those transactions included:
In the Joint Ventures division:
- $4.124 million-plus 120-month operating lease transaction for a solar developer in Massachusetts to install a 2,244 kilowatt-direct current (KW DC) solar farm in Vermont, which has a local utility as the offtaker
- $1.31 million-plus solar construction term loan for a solar developer in Vermont to support the construction of 745 KW DC solar farm with a local municipality as the offtaker, with the term loan refinanced by a $2.6 million 120-month operating lease once construction is complete
- $6.172 million 180-month operating lease transaction for a solar developer in Connecticut to install a 2,810 KW DC solar farm in Vermont, which has a local utility as the offtaker
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In the Government Guaranteed Lending division:
- $20 million pre-notice to proceed line of credit to a renewable energy developer in North Carolina for solar development capital needs
- $20.837 million solar construction term loan for a solar energy provider in Oregon to support the construction of a 15.24 MW DC, 116.3 acre utility-scale solar farm with a utility company as the offtaker, with the term loan refinanced by a $10 million USDA Rural Energy for America Program (REAP) permanent debt loan facility and a $1.9 million USDA Business & Industry (B&I) permanent debt loan facility for a 25-year term once construction is complete
- $20.837 million solar construction term loan for a solar energy provider in Oregon to support the construction of a 15.24 MW DC, 60.8 acre utility-scale solar farm with a utility company as the offtaker, with the term loan refinanced by a $10 million USDA REAP permanent debt loan facility and a $1.9 million USDA B&I permanent debt loan facility for a 25-year term once construction is complete
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