Eastern Bank recently partnered with NuGen Capital Management to finance more than $27 million of solar projects in Massachusetts.
The electricity generated by those solar projects will be sold to municipalities, universities and small businesses throughout the commonwealth. The projects are all operational and bring NuGenʼs Massachusetts SREC1 solar portfolio to over 17MW.
"These Eastern Bank-financed projects create jobs and enable academic institutions, municipalities and small businesses to reduce their carbon footprint and their electricity bill. Eastern Bank’s deep understanding of solar markets makes them a longstanding and great partner of ours as we continue to invest in the renewable energy sector," Daniel Poydenis, managing director and general counsel at NuGen Capital, said in a statement.
“In addition to a significant financial investment, NuGen Capital brings years of experience and expertise to the development of large-scale solar installations. Eastern Bank has provided more than $90 million in loans for the construction of solar farms in the commonwealth of Massachusetts,” Steve Pratt-Otto, senior vice president of Eastern Bank, said in a statement.
