Seminole will finance a $37.8 million construction loan toward the total project development cost of the Halifax County Old Airport Solar 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.
With the closing of the 29.6 MW Halifax County Old Airport Solar Project, located in Roanoke Rapids, North Carolina, Seminole Financial Services has committed more than $533 million in construction and permanent debt financing toward solar and wind installations located throughout the continental US and Hawaii, for the equivalent of 183MW. 1
“We are pleased to have closed the project financing in partnership with Seminole,” said Dennis She, president and CEO of ET Solar. “This is an important milestone as we continue to expand our solar business in the United States."
- Of the 68 projects spanning 14 states financed by Seminole Financial Services since it entered the renewable energy arena in 2009, $110 million has been committed to 46MW of energy generated by wind farms and more than $423 million has financed solar power installations totaling 137MW. With a focus on transactions generally between $2 million and $35 million, Seminole has financed renewable energy projects around the country with numerous Fortune 100 corporate off-takers.