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Just Energy Group, Inc. Announces Additional Financing Arrangements for its Solar Business
Just Energy Group, Inc. is pleased to announce its subsidiary’s solar business (“Hudson Energy Solar”) has entered into financing arrangements with Seminole Financial Services (“Seminole”) and US Bank’s investment arm, Firstar (“Firstar”). 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.
As part of the financing, Seminole has provided construction financing of approximately $12 million and a debt facility of approximately $6.5 million, and Firstar has committed an aggregate investment of approximately $7 million with respect to the projects. The Seminole construction loan will be repaid from the proceeds of the permanent debt facility and the Firstar investment. The financing structure has the capability to be used to support additional solar projects, supporting the continued growth of Hudson Energy Solar.
Ken Hartwick, Just Energy’s President and CEO, states, “We are very pleased to have closed this funding arrangement and are excited for the continued development of our solar projects. These projects will provide clean, efficient, and reliable solar electric power to elementary, middle and high schools located in New Jersey.”
About Seminole Financial Services
Seminole Financial Services (SFS) originates debt and equity real estate investments throughout the country for institutional investors. SFS has demonstrated the ability to respond to changing markets and, in addition to traditional commercial real estate, has become a national leader in providing construction and permanent debt for below-utility-scale renewable energy projects. Transactions are generally between $2 and $30 million in value.
For more information about Seminole Financial and renewable energy financing, please contact Chris Diaz, Senior Vice President for Seminole Financial Services at (727) 460-0578 or cdiaz@seminolefinancialservices.com.
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Based in Belleair Bluffs, Florida, SFS is the operating entity of six companies that collectively make up the Seminole Companies. SFS is responsible for originating, underwriting, servicing and providing asset management for the debt and equity investments originated for institutional investors managed by sister company, Seminole Advisory Services, LLC (SAS). SAS is a registered investment advisor with the SEC and presently has several hundred million dollars in assets under management. Information is available at www.SeminoleFinancialServices.com
About Just Energy Group, Inc.
Established in 1997, Just Energy is primarily a competitive retailer of natural gas and electricity. With offices located across the United States, Canada and, commencing in July 2012, the United Kingdom, Just Energy serves close to 2 million residential and commercial customers through a wide range of energy programs and home comfort services, including fixed-price or price-protected energy program contracts, the rental of water heaters, furnaces and air conditioners and the installation of solar panels. The Company’s JustGreen®products provide consumers with the ability to help them reduce the environmental impact of their everyday energy use. Just Energy is the parent to Amigo Energy, Commerce Energy, Hudson Energy, Hudson Energy Solar, National Home Services, Momentis, Tara Energy and Terra Grain Fuels.
For more information about Just Energy Group, please contact Ken Hartwick, President and Chief Executive Officer, at (905) 795-3557 or Beth Summers, Chief Financial Officer, at (905) 795-4206.
About Hudson Energy Solar
Hudson Solar provides commercial customers with the ability to receive solar power through panels installed on roof-tops or ground mounts in the States of New Jersey, Pennsylvania and Massachusetts.
For more information about Hudson Energy Solar, please contact Abe Grohman, Chief Executive Officer, at (845) 228-3405.