GREENVILLE, S.C., Sept. 25, 2019 /PRNewswire/ — United Renewable Energy LLC, a leading national solar project developer and construction firm, has completed construction on two solar photovoltaic projects in Georgia totaling over 3.8 MW of generation on approximately 30 acres of land. Both projects were made possible by debt financing from United Community Bank, a Southeastern regional community bank with specialized commercial lending capabilities, including renewable energy financing.
The solar projects are located in Northern Georgia, one in Chattooga County near Trion and the other in Stephens County. Both projects benefit the local community with lease or tax payments, while the Trion project uses land near the Chattooga River which had limited traditional development potential. This project portfolio uniquely brings solar generation to North Georgia, in contrast to the vast majority of solar projects in the state which are located in rural areas of South Georgia.
The energy generated by the solar projects is purchased by a local utility under separate competitively awarded purchased power agreements. The solar projects generate enough energy to offset the annual usage of nearly 400 homes.
“We are pleased to have been a part in bringing these projects to fruition because of the many real benefits it provides the local communities. We appreciate the opportunity to partner with an industry leader such as United Renewable Energy to support the growth of the solar industry in the Southeast,” said Clayton Summers, Senior Vice President of Renewable Energy Finance at United Community Bank.
The Trion project debt closings completed earlier this year. The unique revenue streams required a custom debt structure, highlighting United Community Bank’s unique ability to understand the challenges of solar energy projects including uneven monthly revenue streams, low initial energy values, and other challenges to solar financing. “Without United Community Bank’s strong focus on solar and unique structure, the private owners of these projects would have had a difficult time acquiring and funding these projects,” said William Silva, CEO of United Renewable Energy LLC. “We are proud to have developed and constructed these beautiful projects with the wonderful people of Chattooga and Stephens counties, and to work with the project owners and United Community Bank through the post construction debt diligence process.”
A spokesperson for the project owners stated, “We appreciate United Community Bank and United Renewable Energy for their diligent efforts that enabled our investors to make this solid investment and recoup their capital to use in future investment opportunities.”