1st Source Bank Announces Financing of 10 Solar Projects
In its first full year serving the commercial solar industry, 1st Source Bank announced the financing of 10 solar projects in five states including Indiana, Michigan, Massachusetts, Montana and Minnesota. Maintaining its community focus, 1st Source has funded projects that support local elementary schools and universities, commercial customers, and public utilities throughout the country and within the Bank's Indiana and Michigan market. The most recent solar project in the region is on the Michigan State University campus in East Lansing, Michigan.
Shelli Alexander, Senior Vice President, Business Banking, adds, "With the financing of these 10 projects in our first full year, we have aided businesses, towns, schools, and individuals to achieve improved environmental efficiency." Furthermore, "The business driver for us in this industry is the same for almost everything we do at 1st Source – the customer. Some customers have mandates to increase their use of renewable and sustainable sources of energy, while others just want to save money. Solar allows them to do both, and 1st Source can help make it happen."
1st Source Bank provides tax equity investments, as well as construction and permanent loan financing with a special focus on smaller scale utility projects. 1st Source has committed itself to serving the renewable energy industry. The Bank made its commitment to solar due to the unique needs of smaller commercial clients around the country, the opportunity to help improve the environment, and the Bank's ability to provide tailored equity and financing options to this group of businesses.
Christopher J. Murphy III, Chairman and CEO, stated, "1st Source is pleased to contribute to solar renewable energy growth in the U.S. and values its positive impact on communities – like Kokomo, Indiana, the location of our first solar project. Solar energy's positive impact aligns with our approach to serving our clients and the communities in which they live. I am proud of the work the solar team has done thus far by leveraging special skills to help our solar clients. This team lives our values of helping our clients achieve security, build wealth, and realize their dreams."
For years, 1st Source Bank has provided specialized financing in a number of niche markets nationwide. This experience provides transferable knowledge in growing loan portfolios which the bank is leveraging in solar. Since late 2016, 1st Source Bank has financed projects with experienced solar developers and other industry partners in the rapidly growing U.S. solar sector—an industry with an average annual growth of 68% over the last 10 years, according to the Solar Energy Industry Association (SEIA).