Seminole Financial Services LLC has closed the funding of a $2.5 million loan to construct and install a 1.5 MW ground-mounted, fixed-tilt solar array in Elm City, N.C.
The project, known as Sandy Cross Solar, is located approximately 20 miles east of Raleigh and will be directly connected to an existing on-site, three-phase power line. The project has been developed and will be owned by O2 energies, a North Carolina-based solar developer. On-site construction has commenced, with the project expected to be completed and placed in service by late spring.
Once operational, the project is anticipated to produce over 2.1 GWh of energy in its first full year, according to Seminole Financial Services.