White Pine Renewables Inks Financing Deal with Beneficial State Bank and Energetic Capital for California Public Projects

White Pine Renewables, a leading developer, owner and operator of behind-the-meter solar energy assets, announced the successful closing of a loan with Beneficial State Bank and Energetic Capital to finance two operating solar projects in California. The projects, serving local power needs of the Feather Water District in Sutter County and the Kettleman City Community Services District in Kings County, provide long-term energy savings to the districts at no upfront cost.

"White Pine is proud to announce the closing of these two project loans. This transaction helps White Pine fulfill its mission of delivering value for our customers via reduced energy bills and long-term price certainty," said Michael Kremer, White Pine's co-founder and managing partner. "Additionally, we're pleased to announce a new relationship between White Pine and Beneficial State Bank and Energetic, all of whom bring deep industry expertise and local experience in California."

The two projects also demonstrate White Pine's commitment to deploying cutting-edge technology to help its customers achieve their energy goals. On the Feather Water project, White Pine deployed an elevated carport solution to maximize energy generation while enabling the district to retain full access to its irrigation ponds.  On the Kettleman project, White Pine incorporated a high-density racking system from Planted Solar to maximize energy generation on a small site footprint.

"These projects would not have worked without innovative technological solutions," said Evan Riley, White Pine's co-founder and managing partner. "We appreciate the collaborative approach that all project stakeholders adopted to deliver these projects."

"Beneficial State Bank is thrilled to kick off this partnership with White Pine and support the company's efforts to develop, build and operate renewable energy projects throughout California and beyond," said Beneficial State Bank Vice President Jae Easterbrooks. "As a triple-bottom-line bank, we want to demonstrate to other financial institutions that they can divest from fossil fuels, invest in climate-friendly projects, and remain prosperous. We believe the green economy is here to stay and that renewable energy projects like this represent the path forward for people and the planet."

"We are very proud to support mission-aligned organizations like White Pine and Beneficial State Bank. We hope that this transaction will stand as an example of what is possible for C&I and distributed generation projects," said Jeff McAulay, CEO at Energetic Capital.

White Pine Renewables | www.whitepinerenewables.com