Ameresco Inc., an energy efficiency and renewable energy company, closed a construction loan facility for up to $30 million to finance solar projects and assets. The financing was secured through a construction loan facility from Fifth Third Bank, National Association. This non-recourse facility allows Ameresco to draw loan proceeds for solar projects in construction as a bridge to their permanent financing or sale upon commercial operation.
“This innovative facility represents a flexible source of construction capital for our solar assets,” said Doran Hole, chief financial officer of Ameresco. “Fifth Third has demonstrated its continued confidence in renewables and Ameresco’s ability to move projects forward despite challenging times.”
“This financing highlights the continued growth of the solar market, and Fifth Third’s commitment to the renewable energy industry,” said Eric Cohen, group head of Renewable Energy Finance at Fifth Third Bank, N.A. “As a financer in the industry since 2012, Fifth Third is proud to help clients across the country access capital and achieve their objectives.”
— Solar Builder magazine