Client Success

Sherin and Lodgen represents Cambridge Savings Bank in the financing of 7 solar facilities in Massachusetts

June 20, 2018

Solar facilities will produce 19 MW (DC) of energy

Sherin and Lodgen congratulates its client, Cambridge Saving Bank, and its participants Wellesley Bank and PeoplesBank in closing its 2nd master debt facility with Kearsarge Energy L.P.

Sherin and Lodgen LLP’s Solar Energy Practice Group represented Cambridge Savings Bank in the development of a portfolio of 7 solar facilities in Massachusetts by Kearsarge Energy. The financing involved a master debt facility of up to $24 million for the construction and permanent financing of the facilities, which will produce approximately 19 MW (DC) of energy. Bethany A. Bartlett, chair of the Group and a partner in the firm’s Real Estate Department, led the legal team along with partner Beth A. Goldstein and associates Matthew S. Cote and Jennifer L. Ioli.

Bartlett focuses her practice on solar energy, representing lenders and developers. She has a specialty concentration in representing lenders in complex financing transactions, including Investment Tax Credit deals, as well as permanent financing for solar facilities.

About Cambridge Savings Bank

Cambridge Savings Bank, headquartered in Harvard Square, is a full-service financial institution with approximately $3.7 billion in assets that is committed to improving the quality of life in the communities it serves. 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, Newton, and Watertown.

About Kearsarge Energy

Kearsarge Energy, a leading renewable energy project developer, 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 90.1megawatts and $250 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.