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

By Sherin and Lodgen on November 6, 2019

Sherin and Lodgen’s Renewable Energy team represented Cambridge Savings Bank in a portfolio construction bridge and term loan to Kearsarge Energy for the construction of three ground-mounted solar facilities in Massachusetts totaling 8.8 MW (DC) of energy. The transaction included syndicate partners Eastern Bank and Middlesex Savings Bank and includes both SMART program projects and net-metered projects with public off-takers.

Featuring a 1.6 MW advanced technology battery storage component, the Amesbury project will provide leading-edge renewable power storage and distribution, one of the very first to be implemented under the SMART program.  Industry analysts believe that battery energy storage will transform renewable energy development and distribution in the next five years.

The S&L team was led by Bethany A. Bartlett, renewable energy chair, and included Colleen V. Collins, of counsel, and Tyler N. Ballew, associate.

Bartlett focuses her practice on renewable 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. Her experience includes representing clients in all phases of development including obtaining state and local permits; negotiation of Power Purchase Agreements with private, public and municipal off-takers; rooftop and ground leases; engineering, procurement, and construction contracts with third-party contractors; and Payment in Lieu of Tax (PILOT) Agreements with Massachusetts municipalities.

About Cambridge Savings Bank

Cambridge Savings Bank, headquartered in Harvard Square, is a full-service financial institution with approximately $4 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 close to 100megawatts and $3000 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.