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Seminole Financial Services Announces Construction Financing for 1.5 MW Sandy Cross Solar Project in Elm City, North Carolina
Seminole Financial Services (“Seminole”) announced today the funding of a $2.5 million construction loan to construct and install a 1.5 MW ground-mounted, fixed tilt solar array located in Elm City (Nash County), North Carolina. The project, known as Sandy Cross Solar, is located approximately 20 miles east of Raleigh and will be directly connected to an existing onsite, three-phase power line. The project has been developed and will be owned by O2 energies, a North Carolina based solar developer with a portfolio of ground mounted solar arrays on the east coast. On-site construction has commenced, with installation expected to be completed and placed in service by late Spring, 2012. Once operational, the project is anticipated to produce over 2.1 million kWh of energy in its first full year.
“Seminole Financial Services worked quickly and professionally with the O2 energies team to close construction financing for our Sandy Cross Solar project in record time. We look forward to working with Seminole for future projects,” said Joel Olsen, Managing Director of O2 energies, Inc.
For more information about this transaction or renewable energy financing, please contact Chris Diaz, Senior Vice President for Seminole Financial Services, at 727-460-0578 or at
cdiaz@seminolefinancialservices.com.
About Seminole Financial Services
Seminole Financial Services, LLC (SFS) is the operating entity of the six companies that collectively make up the Seminole Companies (Seminole). 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. SFS provides debt and equity investments for commercial real estate and renewable energy transactions nationwide, specializing in short and intermediate term investments.
seminolefs.com
About O2 energies
O2 energies, Inc. develops, owns, and operates a growing portfolio of large scale ground-mounted solar power plants in the U.S. Southeast. Each solar project is developed to maximize profitability for investors, work opportunities for local contractors, as well as training and educational opportunities for local communities. O2 energies leverages an in-depth understanding of state energy policy, the existing energy infrastructure, project ownership and tax structuring, combined with utility relationships to develop successful and profitable solar power plants.
www.O2energies.com