Crestmark Executive Vice President Larry Pearce announced Crestmark’s expansion of its funding capabilities to provide several options to the growing solar energy market.

Crestmark offers several financing programs to help business owners looking to minimize their up-front investment and maximize their renewable energy generation, including financing of solar field equipment, assisting with third-party ownership such as power purchase agreements (PPAs) and solar leases, and permanent debt USDA loans.

At the forefront of Crestmark’s solar industry financing expansion, Pearce said, “Solar energy is a quickly expanding industry, and we have found the original outlay to fund a solar farm and implement the necessary structure can prove difficult. We have enjoyed partnering with the people in the industry, and have enjoyed learning how it works. Crestmark is happy that we have been able to help these companies grow, and we will continue to expand our offerings to this developing landscape.”

“In the government guaranteed lending group at Crestmark, we’re excited that we have helped provide invaluable long-term debt projects throughout both regulated and non-regulated states,” said Christopher Soupal, senior vice president. “As our division grows, and the technology grows, we are looking forward to expanding our support to this important, evolving industry.”
 
In the last eight months, Crestmark provided $63,592,000 in financial solutions for new solar energy clients:

• On June 30, 2017, a $5,100,000 125-month operating lease transaction was completed with a solar manufacturer in California. The financing will be used for 34 mobile solar generators, which has a public entity as the solar purchaser, or “offtaker.”
• A $1,710,000 USDA loan facility was provided to a solar developer in South Carolina on July 20, 2017, utilizing the USDA’s Rural Energy for America Program (REAP). The financing converts a 16-year PPA into permanent debt for a 25-year term; and will be used to install a 9.99 megawatt (MW) capacity solar farm, which has a utility company as the offtaker. 
• On Sept. 15, 2017, a $1,635,000 84-month operating lease transaction was completed with a solar developer in Pennsylvania. The financing will be used to install a 673 kilowatt-direct current (kW-DC) solar farm in Vermont, which has a private company as the offtaker.
• A $901,000 84-month operating lease transaction was completed with a solar developer in Pennsylvania on Sept. 25, 2017. The financing will be used to install a 404kW-DC solar farm in Vermont, which has a municipality as the offtaker.
• On Sept. 27, 2017, a $1,875,000 USDA REAP loan facility was provided to a solar developer in South Carolina. The financing converts a 16-year PPA into permanent debt for a 25-year term; and will be used to install a 5.9MW solar farm, which has a utility company as the offtaker. 
• A $2,500,000 USDA REAP loan facility was provided to a solar developer in South Carolina on Sept. 27, 2017. The financing converts a 16-year PPA into permanent debt for a 25-year term; and will be used to install a 7MW solar farm, which has a utility company as the offtaker. 
• On Nov. 2, 2017, a $2,650,000 84-month operating lease transaction was completed with a solar developer in California. The financing will be used to install a 1,850kW-DC solar farm in Georgia, which has a utility company as the offtaker.
• A $4,513,000 84-month operating lease transaction was completed with a solar developer in Pennsylvania on Nov. 27, 2017. The financing will be used to install a 1,690kW-DC solar farm in New Jersey, which has a school district as the offtaker.
• On Dec. 18, 2017, a $2,565,000 120-month operating lease transaction was completed with a solar developer in New York. The financing will be used to install a 1,511kW-DC solar farm in New York, which has a private school as the offtaker.
• A $6,300,000 125-month operating lease transaction was completed with a solar manufacturer in California on Dec. 26, 2017. The financing will be used for 42 mobile solar generators.
• On Jan. 2, an $8,824,000 USDA REAP loan facility and a $6,176,000 USDA Business & Industry loan facility were provided to a solar developer in North Carolina. The financing converts a 10-year PPA into permanent debt for a 20-year term; and will be used to install a 75MW-DC utility-scale solar farm in North Carolina, which has a utility company as the offtaker. 
• A $7,825,000 USDA REAP loan facility and a $5,008,000 USDA Business & Industry loan facility were provided to a solar developer in North Carolina on Jan. 2. The financing converts a 10-year PPA into permanent debt for a 20-year term; and will be used to install a 75MW-DC utility-scale solar farm in North Carolina, which has a utility company as the offtaker.
• On Jan. 26, a $1,410,000 96-month operating lease transaction was completed with a solar developer in Pennsylvania. The financing will be used to install a 506kW-DC solar farm in Massachusetts, which has a private real estate development company as the offtaker. 
• A $2,250,000 construction loan facility was provided to a solar developer in Maryland on Feb. 1. The financing will be used for the acquisition of a 7.8MW-DC utility-scale solar development in Maryland, which has a private college as the offtaker. 
• On Feb. 20, a $2,350,000 USDA REAP loan facility was provided to a solar developer in Texas. The financing converts a five-year PPA into permanent debt for a 20-year term; and will be used for the acquisition of a 7.09MW solar array in Texas, which has an energy retailer as the offtaker.