Client Success

Sherin and Lodgen represents 1st Source Bank in $32.9 million financing of four solar energy facilities in Massachusetts, New Hampshire, and Rhode Island

November 11, 2021

Sherin and Lodgen represented lender 1st Source Bank in an aggregate $32.9 million loan facility to affiliates of Kearsarge Energy for construction and permanent financing of four ground-mounted solar sites in Massachusetts, New Hampshire, and Rhode Island. In combination with the debt, the transaction also included a tax equity investment.  The project will generate approximately 20 MW (DC) of electricity, will include both public and private offtakers, and the Massachusetts project will additionally benefit from the Solar Massachusetts Renewable Target (SMART) incentive for on-site battery energy storage.

The Sherin and Lodgen team was led by Beth A. Goldstein, chair of the Renewable Energy Practice Group, and Tanya M. Larrabee, associate.

About 1st Source Bank

1st Source Bank has offered clients a convenient and friendly way to bank for over 155 years. 1st Source Bank remains the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. It operates banking centers across the region, includes 1st Source Bank Specialty Finance Group locations nationwide, and has several Wealth Advisory Services locations and 1st Source Insurance offices. 1st Source has been an active construction and permanent lender to solar projects since 2016 and is committed to its mission of helping its clients achieve security, build wealth and realize their dreams.

About Kearsarge Energy

Kearsarge Energy, a leading renewable energy project developer, long term owner, operator, and asset management company, was formed in 2009 by a group of energy professionals with the belief that Kearsarge could create long-term economic and environmental value by working closely with local communities while leveraging its experience and access to project finance. Focused on meeting the growing demand for reliable and cost-effective commercial- and utility-scale renewable energy projects, Kearsarge completed over 130 megawatts and almost $400 million of solar and energy storage projects in recent years. Relying on its excellent relationships with municipalities and private entities, Kearsarge has established itself as one of the leading Renewable Energy Development firms in the Northeast.