1st Source Finances 13MWdc All-in-One Solar Energy Project

1st Source Bank announces financing of a 13MWdc solar energy project expanding their footprint within the state of Minnesota. As part of the Bank’s “all-in-one” offering, this solar energy project includes a $30M construction loan, $17M term loan and $10M tax equity investment. The large community solar project includes two systems located in Dundas, Minnesota and Waterville, Minnesota; both of which are fixed tilt ground mount structures. Community solar projects allow for a variety of energy off-takers, including corporations and municipalities, expanding the reach of this renewable energy source. 1st Source Bank partners with Nautilus Solar for the development of this project; completion scheduled in second-quarter of 2018.

 

The projects were acquired by Nautilus Solar and will be owned by an affiliate of Virgo Investment Group, which is also a minority shareholder of Nautilus. Nautilus, through its full-service platform, will provide development and long-term asset management services for the project. The energy provided by the portfolio directly benefits local community off-takers located offsite by lowering overall energy procurement costs while advancing renewable energy targets.

 

Russ Cramer, Vice President of Solar Financing for 1st Source Bank, states, “We are very excited to partner with Nautilus Solar for the second time. Projects such as these provide sustainable energy sources, which are an opportunity for 1st Source to carry out its mission of building better communities by supporting cleaner and healthier environments.”

 

Laura Stern, President of Nautilus Solar, adds “It is wonderful to partner with 1st Source Bank on this type of project. The comprehensive offerings at 1st Source allow for great efficiencies while bringing this product to market over a short timeline. The Minnesota market adds excellent reach to our footprint and we are excited to further expand our presence into this community.”

 

 

1st Source Bank entered the solar financing field to serve commercial solar developers with one-stop-shop financing. The Bank provides tax equity investment into solar projects as well as construction and permanent loan financing. Since late 2016, 1st Source Bank has financed projects with experienced solar developers and other industry partners in many states 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). For more than a year, the bank has financed multiple solar projects in states such as Indiana, Michigan, Massachusetts, Montana, Minnesota and Rhode Island.

To learn more about solar financing, contact Russ Cramer, Vice President of Solar Financing at 1st Source Bank, at cramerr@1stsource.com. 

 

 

Founded in 2006, Nautilus Solar Energy, headquartered in Summit, N.J., is a leading national solar acquisition, development and asset management company. Nautilus focuses on acquiring, developing, executing and managing distributed, community, and utility-scale generation solar projects. Over its 11+ year history, Nautilus has invested in and asset manages hundreds of MWs of solar projects located throughout North America. Nautilus is minority owned by Virgo Investment Group, LLC. Join Nautilus on LinkedIn and Twitter and visit www.nautilussolar.com for more information.

 

1st Source Corporation, parent company of 1st Source Bank, has assets of $6.05 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 79 banking centers, 23 1st Source Bank Specialty Finance Group locations nationwide, eight Wealth Advisory Services locations and ten 1st Source Insurance offices. For more than 150 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth and realize their dreams. For more information, visit www.1stsource.com.