Seminole will finance a US$37.8 million construction loan toward the total project development cost of the project located on a 220-acre site in Halifax County, North Carolina.
The project is jointly developed by Geenex and ET Solar’s U.S. subsidiary ET Capital, and will consist of a combination of ET Solar ground-mounted solar modules. On-site construction for this project has commenced, with installation expected to be completed and placed in service by December, 2014.
Once complete, the solar installation will generate renewable energy to the electric grid through a Power Purchase Agreement with the Virginia Electric and Power Company, doing business as Dominion North Carolina Power.
Robert J. Banks, CEO of Seminole Financial Services, stated:
Seminole’s construction and permanent debt financing program continues to deliver outstanding results, driving dramatic growth year after year and steadily establishing itself as a national lender. This milestone speaks to the relationship-first philosophy that has always been the foundation of Seminole’s business model. We are deeply committed to supporting our partners, transforming the way solutions are reached, and expanding our presence through our financial expertise.
Dennis She, President and CEO of ET Solar, commented:
Georg Veit, CEO of Geenex, stated:
We are pleased to have closed the project financing in partnership with Seminole. This is an important milestone as we continue to expand our solar business in the United States. ET Solar has demonstrated many of the attributes including reliability, affordability, and scalability through the project. With rapid growth expected in North Carolina, we are keen to leverage our expertise and experience in order to deliver more clean and affordable solar electricity.
I am grateful that Seminole could enable a project that will not only generate clean power, but also boost the local economy in Halifax County. Geenex will build a strong presence in the area. Financial partners that have understood the needs of the industry are crucial for the further growth of PV in the US.