SAN JOSE, CA--(Marketwire - Mar 20, 2013) - Bridge Bank, a subsidiary of Bridge Capital Holdings (
"As a private equity investor in the distributed solar generation space we needed to project finance several commercial roof-top solar installations in one facility," said Panos Ninios, partner and CEO at True Green Capital Management. "Bridge understood this concept and was able to structure, conduct due diligence and close multiple facilities under one loan agreement in an efficient, cost effective and client friendly manner." Bridge Bank's Energy and Infrastructure Group (EIG) provided $7.2 million in funding to True Green Capital Management for the construction of a series of solar facility installations located in New Jersey, and for a solar installation project in Rhode Island that will supply energy to a major international utility that provides power to the consumer and commercial markets in the Northeast.
Bridge Bank also recently provided over $6 million in funding to MP2 Capital for the development and construction of solar power plants located in North Carolina that provide energy to a large investor-owned utility in the U.S. "Bridge Bank's Energy and Infrastructure Group has been a great partner," said Jeff Glavan, managing director of MP2 Capital. "The group's ability to listen, understand, commit and get to financial close differentiates them from other banks. Their willingness to consider and create solutions based on customer needs is what makes them a great partner," he added.
"We were very pleased to partner with True Green Capital Management and MP2 Capital on their recent projects -- both are experienced solar developers who challenged the bank with a complex set of issues," said Scott Reising, senior vice president in the bank's Energy and Infrastructure Group. "This recent issuance of credit reinforces the bank's commitment to providing flexible and creative solutions to businesses across a wide variety of sectors."
EIG was formed in 2011 to provide funding to solar developers whose projects typically fall within the one to ten megawatt range. Since its founding, EIG has issued over $75 million in loan commitments to developers with projects throughout the U.S. Over the past seven years, Bridge Bank has built a presence in the alternative energy sector. In that time, over $150 million in loans and credit commitments has been extended by the bank to firms engaging in renewable energy and solar projects. Scott Reising, head of EIG, will be speaking at the upcoming Solar Power Finance and Investment Summit on March 20, 2013 in San Diego. For more information, visit http://infocastinc.com/events/solar13.
About Bridge Bank, National Association
Bridge Bank is a full-service professional business bank founded in the highly competitive climate of Silicon Valley in 2001. From the very beginning, our goal has been to offer small-market and middle-market businesses from across many industries a better way to bank. A less bank-like way to bank. We provide a surprisingly broad range of financial solutions, enabling us to meet our clients' varied needs across all stages -- from inception to IPO and beyond. It's how we go about doing so that differentiates us from our competition.
Learn more at the new www.bridgebank.com. Follow us @BridgeBank.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Company, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.
The reader should refer to the more complete discussion of such risks in Bridge Capital Holdings' annual reports on Forms 10-K and quarterly reports on Forms 10-Q on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
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