Greenskies closes multi-million dollar deal to finance 127 solar power projects

Greenskies Renewable Energy LLC

Greenskies closes multi-million dollar deal to finance 127 solar power projects

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013