Seminole Financial Services Provides Southern Sky Renewable Energy Construction & Permanent Financing
Seminole Financial Services announced today the funding of a $18 million construction loan to Southern Sky Renewable Energy, LLC (Southern Sky) to install a 5.75MW photovoltaic ground mounted solar panel installation in Canton, Massachusetts. The installation will utilize approximately 15 acres of the 40 acre closed municipal landfill in Canton, MA. Southern Sky will build, own and operate the solar system, which will sell all of the power produced to the local utility system.
The landfill, which has been decommissioned for over 25 years, presents a unique opportunity for a solar system of this size. Once construction is completed – by mid to late 2012 - Seminole will also provide a $12 million permanent loan to the project. The total project costs for this transaction is approximately $30 million.
Southern Sky has the goal of becoming the premier developer of solar photovoltaic-generating facilities in the eastern U.S. Its target market includes public facilities such as landfills and other municipally owned real estate, as well as “Greenfield” and “Brownfield” private properties.
Southern Sky managing director, Ralph Palumbo stated, “This project will take non-performing municipal real estate and convert it into an asset for the Town of Canton. Once completed the solar panel installation will generate direct revenue and a reduction in town energy bills over the next twenty plus years.”
It is believed that when completed, the Canton project will be the largest solar photovoltaic facility in the Commonwealth of Massachusetts and New England. “When we announced the project in 2010, we knew we had a great opportunity. We are pleased that we have been able to assemble so many first class partners to make this a reality,” added Frank McMahon managing director at Southern Sky. “Most importantly, we want to commend Seminole Financial for their guidance, experience, and investment of capital. Partnership with Seminole Financial will make this project a reality for the Town of Canton and for Southern Sky.”
“We have enjoyed working with Southern Sky and are extremely excited about this project. It is a win-win for everyone involved, including the Canton community. Taking a decommissioned landfill and turning it into a revenue producing solar farm is a great use of resources in the area,” said Chris Diaz, Senior Vice President for Seminole Financial Services.
Seminole Financial Services