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Seminole Financial Services, LLC Provides Construction and Permanent Financing for a 1.3MW Solar Project in Raleigh, North Carolina
Seminole Financial Services, LLC (“Seminole”) announced today the funding of a $4.3 million construction loan to install a 1.3MW photovoltaic solar farm on 10 acres of land adjacent to the Neuse River Wastewater Treatment Facility in Raleigh, North Carolina. The project will receive payments from the local utility as the system will be connected directly to the utility grid to provide additional power to local consumers. NxGen Power, LLC will develop, manage, and own the project throughout its useful life. Once construction is completed by late 2011, Seminole will also provide permanent financing for the project. The total project cost for this transaction are approximately $6 million.
NxGen Power’s business plan focuses on distributed power generation, which fills the gap between residential and large, centralized utility scale generation. NxGen founder Michael Byrnes stated, “We are pleased we are under construction and have an outstanding project at Neuse River. When we announced the project in 2009, we anticipated this project to be completed and operational by now. Every one of our significant partners was very patient. It was especially important to have a knowledgeable and reliable lender of renewable projects that allowed us to achieve this exciting milestone.”
“We have enjoyed working with NxGen and understand that each deal is on its own timetable. They have a very strong business plan and great partners, so it was easy to stay committed to them throughout the process. We wish them many more projects similar to this one,” said Chris Diaz, Senior Vice President for Seminole Financial Services.
For more information about this installation or renewable energy financing, please contact Chris Diaz, Senior Vice President for Seminole Financial Services, at 727-460-0578 or at
cdiaz@seminolefinancialservices.com.
For more information about NxGen Power, LLC please contact Michael Byrnes, President and CEO for NxGen Power, at mbyrnes@nxgenpwer.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