Seminole Financial Services, LLC (“Seminole”) announced the funding of a $2.5 million construction loan to construct and install a 1.5 MW ground-mounted, fixed tilt solar array located in Elm City (Nash County), North Carolina. The project, known as Sandy Cross Solar, is located approximately 20 miles east of Raleigh and will be directly connected to an existing onsite, three-phase power line. The project has been developed and will be owned by O2 energies, a North Carolina based solar developer with a portfolio of ground mounted solar arrays on the east coast. On-site construction has commenced, with installation expected to be completed and placed in service by late Spring, 2012. Once operational, the project is anticipated to produce over 2.1 million kWh of energy in its first full year.
“We are very pleased to announce the closing of the Sandy Cross Solar Project and our partnership with O2 energies. This project reinforces Seminole Financial Services’ continued commitment in the renewable energy financing market for solar transactions over 500kW,” said Robert Banks, CEO and Chairman of The Seminole Companies.
“Seminole Financial Services worked quickly and professionally with the O2 energies team to close construction financing for our Sandy Cross Solar project in record time. We look forward to working with Seminole for future projects,” said Joel Olsen, Managing Director of O2 energies, Inc.