Sol Systems agrees partnership with Seminole Financial Services

Sep 25, 2012 - US solar finance company Sol Systems LLC today said it had struck a strategic partnership with construction debt provider Seminole Financial Services LLC.

Through its SolMarket platform, Sol Systems provides a marketplace for project developers and investors that helps them connect in a standardised process. The firm said it had streamlined Seminole's process for underwriting renewable energy project construction loans and that solar developers would now be able to use a specifically developed tool to apply for Seminole construction debt, in addition to obtaining other forms of financing like equity and tax equity from SolMarket's other investors.

Sol Systems chief executive Yuri Horwitz said Seminole filled a gap in the financing front for developers, namely readily available construction financing for distributed generation. Chris Diaz of Seminole said the tool created by Sol Systems would make Seminole's underwriting process more efficient and would help lower transaction costs.

As part of its renewable energy finance programme, Seminole has closed deals representing over 67 MW of capacity and USD 205 million (EUR 159m) of construction and permanent debt financing. It focuses on solar and wind projects of between 500 kW and 10 MW.

(USD 1.0 = EUR 0.775)

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