Sol Systems' Alliance with Seminole Financial Services Will Streamline the Financing Process for Solar, Wind, and Biomass Projects
WASHINGTON, Sept. 25, 2012 /PRNewswire/ -- Sol Systems is proud to announce a strategic alliance with Seminole Financial Services, a leading construction debt provider. Sol Systems has adapted its secure web-based project acquisition form and data room to streamline Seminole's underwriting process for renewable energy project construction debt. Sol Systems works with financiers such as Seminole to increase the success rate and tempo for renewable energy projects being developed in the United States.
"One gap in the financing stack has been readily available construction debt for distributed generation," said Yuri Horwitz, CEO of Sol Systems. "Seminole fills that void, providing developers with much needed financial solutions. The Seminole team is one we trust, and we think they bring a tremendous value-add to the industry."
Through the alliance, solar developers can easily apply for Seminole construction debt utilizing the tool developed specifically for Seminole, as well as source other types of financing such as equity and tax equity through Sol Systems' additional SolMarket investors.
"The SolMarket team has done an excellent job creating a resource that will standardize our processes. This tool will make us more efficient throughout the underwriting process and will help reduce transaction costs," said Chris Diaz, Seminole's Senior Vice President of Renewable Energy.
About Seminole Financial Services
Seminole has been a market leader in providing interim financing for renewable energy transactions since 2009, successfully providing capital for solar and wind projects ranging in size from 500 kW – 10 MW. Seminole's Renewable Energy Finance program has closed 67+ MW of renewable energy transactions which equates to $205 million in construction and permanent debt financing. Seminole has provided their construction financing to projects using a variety of financing structures, including investment tax credits, new market tax credits, solar renewable energy credits, inverted leases, partnership flips, and sale leasebacks.
For more info, visit www.seminolefinancialservices.com.
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 solar installers and developers to bring over 3,000 projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems' solar financing programs catalyze investments for a broad set of projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for projects can access over $2.5 billion in capital through the Sol Systems investor network.
SOURCE Sol Systems