Crestmark has provided SolarSense a combination of sale-leaseback financing for three solar projects. Larry Pearce, Bank SVP comments "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. Through a Power Purchase Agreement (PPA) with the State of Vermont, three 500kW solar projects will deliver clean, reliable and renewable energy to the State of Vermont. The first project of three, located at the State of Vermont Northeast Corrections Complex in St. Johnsbury, VT, completed in the fourth quarter of 2014 for $2 million. The second project closed for the State's Correctional Facility in Springfield June 30, 2015 for $1.7 million. The third and final project is scheduled to close in August of this year. Partnered with AllEarth Renewables, a Vermont based manufacturer, a full-serivce engineering, procurement and construction firm.
"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.
"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."
Please see this link for more info: http://www.prnewswire.com/news-releases/crestmark-helps-growing-alternative-energy-development-group-with-innovative-financing-solution-300110970.html