GREENVILLE, S.C., Sept. 25, 2019 /PRNewswire/ -- United Renewable Energy LLC, a leading national solar project developer and construction firm, has completed construction on two solar photovoltaic projects in Georgia totaling over 3.8 MW of generation on approximately 30 acres of land. Both projects were made possible by debt financing from United Community Bank, a Southeastern regional community bank with specialized commercial lending capabilities, including renewable energy financing.
The solar projects are located in Northern Georgia, one in Chattooga County near Trion and the other in Stephens County. Both projects benefit the local community with lease or tax payments, while the Trion project uses land near the Chattooga River which had limited traditional development potential. This project portfolio uniquely brings solar generation to North Georgia, in contrast to the vast majority of solar projects in the state which are located in rural areas of South Georgia.
The energy generated by the solar projects is purchased by a local utility under separate competitively awarded purchased power agreements. The solar projects generate enough energy to offset the annual usage of nearly 400 homes.
"We are pleased to have been a part in bringing these projects to fruition because of the many real benefits it provides the local communities. We appreciate the opportunity to partner with an industry leader such as United Renewable Energy to support the growth of the solar industry in the Southeast," said Clayton Summers, Senior Vice President of Renewable Energy Finance at United Community Bank.
The Trion project debt closings completed earlier this year. The unique revenue streams required a custom debt structure, highlighting United Community Bank's unique ability to understand the challenges of solar energy projects including uneven monthly revenue streams, low initial energy values, and other challenges to solar financing. "Without United Community Bank's strong focus on solar and unique structure, the private owners of these projects would have had a difficult time acquiring and funding these projects," said William Silva, CEO of United Renewable Energy LLC. "We are proud to have developed and constructed these beautiful projects with the wonderful people of Chattooga and Stephens counties, and to work with the project owners and United Community Bank through the post construction debt diligence process."
A spokesperson for the project owners stated, "We appreciate United Community Bank and United Renewable Energy for their diligent efforts that enabled our investors to make this solid investment and recoup their capital to use in future investment opportunities."
About United Renewable Energy™
URE™ is an engineering, procurement, and construction firm developing utility photovoltaic farms and energy storage systems. URE™ focuses on creative design and installation of solar energy systems and energy storage projects with superior quality, performance, and safety at competitive costs. Learn more at www.u-renew.com.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ: UCBI) is a bank holding company headquartered in Blairsville, Georgia, with executive offices in Greenville, South Carolina. United is one of the southeast region's largest full-service financial institutions with $12.8 billion in assets, and 147 offices in Georgia, North Carolina, South Carolina and Tennessee. It operates principally through United Community Bank, its bank subsidiary, which specializes in personalized community banking services for individuals, small businesses and companies. Services include a full range of consumer and commercial banking products, including mortgage, advisory, and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For five of the past six years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2019, for the sixth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America, and for the first time included United on its list of The World's Best Banks. Additional information about UCBI and the Bank can be found at www.ucbi.com.
SOURCE United Renewable Energy LLC