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Seminole Financial Services Provides Financing for North Carolina’s Largest Municipal Solar Project
Seminole Financial Services, LLC announced today it will provide $1.8 million in permanent financing for Neuse River Solar Farm, the largest utility-scale solar installation on municipal property in the State of North Carolina. This will be the first loan to convert from construction to permanent debt under the Seminole renewable energy finance program. In September 2011, Seminole provided $4.3 million in construction financing for installation of the 1.3-megawatt ground-mounted solar system.
The Neuse River Solar Farm project is anticipated to generate approximately 1.7 million kilowatt-hours of electricity per year, and the output will be sold to Progress Energy Carolinas to distribute to its customers by the current owner and operator, NxGen Power of Charlotte (“NxGen”).
“There is a need for permanent debt on many renewable construction projects that we have under consideration,” said Seminole CEO Robert J. Banks. “We are proud of the success of the Neuse project, and anticipate allocating more capital to provide similar solutions that fill this void throughout 2012.”
For more information about renewable energy financing, please contact Chris Diaz, Senior Vice President for Seminole Financial Services at (727) 460-0578 or cdiaz@seminolefinancialservices.com.
For more information about NxGen Power, LLC please contact Michael Byrnes, President and CEO for NxGen Power, at mbyrnes@nxgenpower.com.
About Seminole Financial Services
Seminole Financial Services, LLC (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.
SFS, based in Belleair Bluffs, Florida, 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 seminolefs.com
About NxGen Power
NxGen Power, LLC is a developer and operator of renewable energy facilities. NxGen Power uses strategic partnerships and institutional investors to help utility, government, school and commercial customers meet their renewable energy goals without the upfront cost. The company works to educate and to provide customers the opportunity to harness the power of the sun through the use of solar energy and other innovative technologies.
www.nxgenpower.com