Client Success

Sherin and Lodgen represents PeoplesBank in financing of three solar facilities to Lodestar Energy

June 17, 2020

Sherin and Lodgen’s Renewable Energy Group represented lender PeoplesBank in financing for the construction of three ground-mounted solar facilities totaling 19 MW (DC) in Tioga and Nichols, NY to an affiliate of Lodestar Energy. The projects are approved under the NY State Energy Research & Development Authority (NYSERDA) solar program and are scheduled to be operational in 2020. The three loan portfolio included construction and term debt, a loan to bridge NY-Sun state incentives administered through NYSERDA, and a loan to bridge a future tax equity investment.

The Sherin and Lodgen team included Beth A. Goldstein, Chair of the Renewable Energy Group, Jack Anetakis, partner in the Renewable Energy Group, and Tanya M. Larrabee, associate.

PeoplesBank is a leader in innovation, corporate responsibility, environmental sustainability, and employee engagement. Their three LEED® registered offices are environmentally friendly and they have financed more than $182 million in wind, hydroelectric and solar energy projects.

Lodestar Energy is a developer of commercial and public sector DG and small utility-scale solar project and focus on both organic development and acquisition. They have a proven track record of developing, financing, and operating over 40 projects worth over $200 million. They rely on deep experience, regulatory and policy knowledge, a wide network and strong problem-solving abilities to build quality projects and create value for their customers.