Daily News: June 6, 2019

Siena Closes $3MM Revolver for Community Eco Power

Siena Lending Group completed a $3 million asset-based revolving credit facility for Community Eco Power. The facility was used to acquire assets from Covanta Energy and to support the company’s working capital needs.

Headquartered in Asheville, NC, CEP provides resources to communities to implement successful waste-to energy solutions. With two facilities in western Massachusetts, CEP converts municipal waste streams into usable power for industrial clients as well as provides electric power to homes.

“We are pleased to provide the necessary financing that allowed Community Eco Power to acquire the two facilities from Covanta as well as support their future growth strategy,” said Larry Swinney, director of Siena.

“Siena gets it. They understand the challenges that face small to mid-size businesses and helped us shore-up our platform. They are very responsive and moved quickly through a tight transaction deadline. We are pleased to be working with them as the revolver helps us accelerate key elements to our business strategy,” said Richard Fish, president and CEO of Community Eco Power.