Sherin and Lodgen represents Cambridge Savings Bank in $100 million financing of up to 18 solar sites in Massachusetts, New Hampshire, and Rhode Island
Sherin and Lodgen represented lender Cambridge Savings Bank in a $100 million master loan facility to Kearsarge Energy and affiliates for construction and permanent financing of up to 18 solar photovoltaic sites in Massachusetts, New Hampshire, and Rhode Island. The transaction included four participating lenders. Tax equity investors will commit additional capital. The projects will generate up to 55.6 MW (DC) of power and include Massachusetts SMART projects as well as net-metered projects with public offtakers, including schools and universities, municipalities, and housing authorities.
The Sherin and Lodgen team was led by partners, Beth A. Goldstein and Jack Anetakis.
About Cambridge Savings Bank
Cambridge Savings Bank (CSB) is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers, and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services and has branches located in Arlington, Bedford, Belmont, Burlington, Cambridge, Charlestown, Concord, Lexington, Melrose, Newton, and Watertown.
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 projects in recent years. Relying on its excellent relationships with municipalities and private entities, Kearsarge has established itself as one of the leading Solar Energy Development firms in the Northeast.