Continuing the banking relationship Crestmark Bank and AEDG originally formed in 2014, Crestmark closed on six Commercial & Industrial scale Solar PV PPA projects with AEDG on a tax equity sale-leaseback structure between September 2016 and January 2017. The 3.61MWdc Solar PV project portfolio includes five (5) group-net-metered projects in the State of VT and a sixth project in the Commonwealth of MA, all PPA’s for private, for-profit customer off-takers.
"We're excited to continue to power AEDG’s growth and to be part of the alternative energy industry," said Larry Pearce, senior vice president, managing director of Corporate Joint Ventures.
"From the beginning of our relationship in 2014 and through today, spanning 20 Project financings for Solar PV and Natural Gas Fuel Cell Projects, we continue to be impressed with Crestmark Bank’s team and commitment to entrepreneurial growth companies”, said Chris Fraga, Founder and CEO of AEDG. “Crestmark lives their mission to be the bank who helps with innovative financing and lending solutions, and we are honored to count Crestmark as a true partner in achieving our mission to help customers save money and be sustainable".
SolarSense channel partner NetGain Energy Advisors (http://www.netgainenergyadvisors.com/index.php) sourced the 1.6 MW project which will be fully engineered, designed and constructed by SPG Solar (http://www.spgsolar.com/), located in Petaluma, CA. Construction on the project will begin in Q1'14 and be completed in Q2'14. SPG Solar was selected as the logical EPC partner for the project, with over 100MW's and 1,500 client sites successfully installed. This project marks the second Solar PV development project between partners SolarSense and SPG Solar in CA, totaling 3.9MW's across 6 client sites.
SolarSense enters contractual agreements with three (3) independent Commercial Solar Developers to provide "Pure Green Advisory Services" for projects in the PA, MA, NJ and NY marketplace. The developers contracted with SolarSense on a fee-for-service basis to collaborate on project financing alternatives, sourcing and vetting projects with capital for financing and/or PPA buyouts, SREC monetization alternatives, and other related matters.
AEDG signs a definitive agreement with a leading boutique project finance / capital sourcing partner for $100,000,000 in project financing for renewable and alternative energy development projects. Terms of the agreement are confidential and undisclosed, however, AEDG and their partner forecast utilizing this initial round of capital within 3 years.
SolarSense celebrates 1 Mega-Watt of solar power placed into the Mid-Atlantic marketplace via PowerPurchaseAgreements or end-customer purchases of solar systems.