Greenskies Closes 4th Multi-Million Dollar Round of Financing with First Niagara

Press Release | Middletown, CT
June 17, 2013

Greenskies Renewable Energy LLC said today it has closed its fourth round of financing with First Niagara Financial Group.

The four separate multi-million dollar commercial loans were completed over the past year. The loans are being used to finance the construction of 14 photovoltaic solar arrays, or groups of solar panels, that will generate nearly 5 megawatts of clean electric energy, or 5.8 million kilowatt hours (kWh) per year, said Greenskies President Michael Silvestrini.

According to the Energy Information Administration, a division of the U.S. Department of Energy, the average New England household uses 7,668 kWh of electric energy per year. Therefore, 5.8 million kWh would be enough energy to power nearly 800 typical New England households for a full year. Combined, the 14 photovoltaic projects will require a total of 15,650 solar panels.

“As practitioners in a new and innovative industry, we were looking for a bank that would take the time to learn about our company’s operations and financing needs, and grow with us,” Silvestrini said. “First Niagara has taken the time to build that kind of relationship.”

First Niagara’s New England Regional President David Ring said the bank was eager to partner with a young and successful company with an exciting business model.

“We’re pleased to support Greenskies in its mission of deploying clean, renewable solar energy in New England and the Northeast,” said David Ring, New England Regional President, First Niagara. “We look forward to working with the company as it continues to build relationships with large commercial clients.”

Founded in 2008, Middletown-based Greenskies designs, builds and maintains solar photovoltaic systems for corporate clients, municipalities and government agencies, educational institutions and utilities. The company currently has about 40 solar installations online plus an additional 30 solar projects in various stages of development throughout New England and the mid-Atlantic states.