Seminole Financial Services (“Seminole”), a leading national lender in renewable energy, today announced the closing of $19.525 Million construction financing with ET Capital, a member of the ET Solar Group, to fund two solar systems located in the State of North Carolina. Located in Garysburg (Northampton County), North Carolina, the 6.5 MW ground-mounted LongFarm 46 Solar Project covers an area of approximately 45 acres and is expected to generate over 10.4 million kWh of clean energy in its first year of operation. The Hertford Solar Project, a 5.0 MW ground-mounted system located on approximately 35 acres in Hertford (Perquimans County), North Carolina, is anticipated to have an output capacity of nearly 10 million kWh of solar power in its first year.
Both projects reached commercial operation in March, 2016, and will collectively generate enough clean solar energy to power approximately 2,000 homes.
Bob Banks, CEO of Seminole Financial Services, stated, “We are very pleased to continue our strong relationship with ET Capital as it supports North Carolina’s effort to diversify its energy sources. The LongFarm 46 and Hertford Solar Projects further the advancement of alternative energy to all North Carolinians through energy solutions that reduce electricity costs.”
Boris Schubert, CEO of ET Capital, stated, “We thank Seminole for their continuing support in our mission to deliver PV projects. With reliable partners like Seminole we can help early stage developers to see their project ideas become reality.”
Since 2009 Seminole has committed over $700 Million in construction and permanent debt financing toward more than 90 solar and wind installations spanning 15 states throughout the continental U.S. and Hawaii, for the equivalent of nearly 300MW. With a focus on transactions generally between $2 million and $40 million, Seminole has financed renewable energy projects around the country with numerous Fortune 100 corporate off-takers; in addition to nine Cape and Vineyard Electric Cooperative solar sites located in Cape Cod and Martha’s Vineyard; a solar park in Oahu, Hawaii; and various municipalities, utilities, and school districts throughout the country.
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Seminole Financial Services (“Seminole”) originates debt and equity real estate investments throughout the country for institutional investors. Seminole 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/interim and permanent debt financing for below utility scale renewable energy projects.
Seminole, based in Belleair Bluffs, Florida, is the operating entity of six companies that collectively make up the Seminole Companies. Seminole 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 seminolefs.com
As a member of ET Solar Group, ET Capital is a global leading energy solutions provider. With access to innovative solar technologies and tailored financial solutions, ET Capital provides professional one-stop solutions across the entire solar power plant lifecycle including development, financing, engineering, procurement and construction. To learn more about ET Capital, please visit www.etsolar.com