Greenskies Closes $165 Million Deal to Finance 127 Solar Projects
August 17, 2015
Middletown, CT – Greenskies Renewable Energy LLC has closed on a $165 million financial package with First Niagara Financial Group and a tax equity provider that will finance 127 solar energy projects to be built across 12 states, stretching from Maine to California.
The company will use the funds to design and construct photovoltaic solar projects for a broad range of commercial and municipal customers, said Michael Silvestrini, Greenskies’ president and co-founder.
The projects will collectively generate a total of 85 gigawatt hours (GWh) of electricity each year, or enough energy to power 13,000 average New England households for a full year, according to the Energy Information Administration, a division of the U.S. Department of Energy.
The new deal represents the sixth round of financing Greenskies has completed with First Niagara since 2012.
First Niagara is a multi-state bank with $39 billion in assets and $28 billion in deposits. It operates about 390 branches across New York, Pennsylvania, Connecticut and Massachusetts.
“First Niagara is pleased to continue developing its relationship with Greenskies, a solar industry leader both in Connecticut and across the region,” said Peter J. Thomas, vice president and senior relationship manager at the bank. “This particular financing vehicle allows the company to leverage additional capital and accelerate the distribution of green renewable energy throughout not only New England, but the entire nation.”
Greenskies is a 7-year-old company that designs, builds and maintains photovoltaic solar systems for corporate clients, municipalities and government agencies, educational institutions and utilities throughout the United States.