Greenskies Renewable Energy closes $165 million financing package with First Niagara
Written By: Tracy Dawson Roses
August 18, 2015
On August 18, Greenskies Renewable Energy LLC 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 new deal represents the sixth round of financing Greenskies has completed with First Niagara since 2012.
Michael Silvestrini, Greenskies’ president and co-founder, indicated that the company will use the funds to design and construct photovoltaic solar projects for a broad range of commercial and municipal customers, said The projects will collectively generate a total of 85 gigawatt hours of electricity each year.
Peter J. Thomas, vice president and senior relationship manager at the bank, commented:
“First Niagara is pleased to continue developing its relationship with Greenskies, a solar industry leader both in Connecticut and across the region”
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.”