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Crestmark Provides Financing for Three Solar Projects

July 09, 2015, 07:06 AM
Filed Under: Energy

Crestmark announced the funding of Alternative Energy Development Group (AEDG) LLC, and affiliated company SolarSense LLC, headquartered in Berwyn, Pa., with a combination of sale and leaseback transactions. Crestmark provided sale-leaseback financing for three 500kW (AC) solar projects to deliver clean, reliable and renewable energy to the State of Vermont on a Power Purchase Agreement basis.

The first project, located at the State of Vermont Northeast Corrections Complex in St. Johnsbury, VT., closed and funded in the fourth quarter of 2014 for $2 million. The second project for the State’s Correctional Facility in Springfield and the State Office Complex closed June 30, 2015 for $1.7 million; a third project is scheduled to close in August. All Earth Renewables, Inc., a Vermont-based manufacturer of the AllEarth Dual Axis Tracker, and a full-service engineering, procurement and construction firm, partnered with SolarSense on the projects.
“We’re excited about being able to help this company, and the growing alternative energy industry,” said Larry Pearce, senior vice president, managing director of Corporate Joint Ventures. “The AEDG team is solid with a great reputation, and we look forward to working with them as they move forward and develop future projects.”

“We’ve been impressed with Crestmark Bank, a team of bright, personable, creative and committed professionals who live their mission to help growing companies grow with lending solutions,” said Chris Fraga, founder and CEO of Alternative Energy Development Group and SolarSense. “We moved from relationship building through deal due diligence to the close of the first multi-million-dollar financing in the span of three months. What’s remarkable is the fact that Crestmark learned and mastered the Solar PV and Energy Project Finance space while performing deal due diligence as their first Solar PV financing transaction. We strongly endorse Crestmark as a lending partner to help growing companies grow.”

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