Client Success

Sherin and Lodgen represents Cambridge Trust Company in the financing of the acquisition of solar facility in Vermont

September 15, 2020

Sherin and Lodgen represented lender Cambridge Trust Company in the financing of the acquisition of a solar facility to an affiliate of Sea Oak Capital. The 2 MW community solar portfolio, located in Pawlet, VT,  was acquired by Sea Oak from MHG Solar. The acquisition was the first solar project in Vermont for both Cambridge Trust and Sea Oak and takes advantage of the Vermont Group Net Metering program.

The S&L team was led by Beth A. Goldstein, chair of the renewable energy group, and included Tanya M. Larrabee, associate. S&L also assisted Sea Oak in preliminary due diligence in connection with Sea Oak’s readiness to acquire the project from MHG.

Sherin and Lodgen’s national renewable energy practice group represents lenders, developers, municipalities, and companies committed to sustainability through solar, wind, hydro, and energy storage initiatives. Clients rely on our experience in financing, development, acquisition, leasing, environmental, and permitting to navigate this ever-changing market and accomplish their business goals.

Cambridge Trust is a private bank that creates custom financial solutions to build, grow, and protect wealth for the needs of today’s individuals, families, businesses, private partnerships and nonprofit organizations. Each of our clients has a dedicated private banker who understands their needs and priorities and provides direct access to personal banking, residential lending, commercial banking, and wealth management expertise.

Sea Oak is a tax-efficient investment fund and asset manager that is rapidly growing its solar and battery storage project portfolios across the United States.  Sea Oak self-monetizes the tax credits and depreciation benefits a project generates resulting in a best in class speed of close and ease of transacting.  In addition to its tax efficiency, by self-performing asset management and other key functions of its investments, Sea Oak’s low-cost structure allows it to provide superior value to its developer partners in the acquisition of operating and substantially developed solar and battery storage projects.