Sherin and Lodgen represents Wellesley Bank in financing for two solar facilities in Massachusetts
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Sherin and Lodgen LLP
October 25, 2019
Sherin and Lodgen LLP’s Renewable Energy Practice Group represented Wellesley Bank in the financing for two ground-mounted solar facilities in Massachusetts. The first is a 1.0 MW to-be-constructed SMART community solar project in Chelmsford, MA. The second is a 0.649 MW SREC-II operating project in Palmer, MA. Both projects are operated by Sea Oak Capital. The S&L team was led by Renewable Energy Chair Bethany A. Bartlett and included associates Tyler N. Ballew and Daniel C. Johnston.
The national Renewable Energy Practice Group at Sherin and Lodgen represents lenders, developers, and companies committed to sustainability through solar, wind, and energy storage initiatives. Clients rely on our experience in financing, development, leasing, environmental, zoning, and permitting to navigate this ever-changing market and accomplish their business goals. In particular, the group assists lenders in navigating the Solar Massachusetts Renewable Target (SMART) program.
Sea Oak is a tax-efficient private equity firm specializing in renewable energy investments that can self-monetize the investment tax credits and depreciation benefits generated by such projects. The firm acquires operating and substantially developed photovoltaic projects through a variety of transactional structures. It also deploys development capital to qualified partners in order to enhance its pipeline by partnering with project originators and developers early in a project’s life. Click HERE to submit a project opportunity for initial underwriting by a Sea Oak analyst.
About Wellesley Bank
Wellesley Bank, a premier banking and wealth management company, has been serving Wellesley and the greater Boston area for over 100 years. Their team of highly experienced and knowledgeable bankers provide exceptional and trusted advice to successful individuals, families, businesses, private partnerships, nonprofit organizations, foundations, and trusts. They do so with the greatest degree of personal attention and confidentiality.
About Sea Oak Capital
Sea Oak Capital is an investment fund formed to invest in hard assets in the renewable energy and real estate sectors. Their US Solar Fund I is their primary investment vehicle, dedicated to acquiring quality solar projects through deployment of flexible and tax advantaged sponsor equity. The fund acquires large C&I and utility scale projects based in the US through a variety of transactional structures.