Just Energy announces additional financing arangements for solar business

theflyonthewall.com

Just Energy Group announced that its subsidiary's solar business, has entered into financing arrangements with Seminole Financial Services and another institutional lender. The initial funding is for several solar projects under development in New Jersey. This financing arrangement will allow Hudson Energy Solar to complete the projects as well as utilize much of the tax incentives available for renewable energy projects. As part of the financing, Seminole has provided construction financing of approximately $12M and a debt facility of approximately $6.5M. Additionally, as part of the structure, an institutional lender has provided an aggregate investment of approximately $7M with respect to the projects. The Seminole construction loan will be repaid from the proceeds of the permanent debt facility and the institutional investment. The financing structure has the capability to be used to support additional solar projects, supporting the continued growth of Hudson Energy Solar.

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