Seminole Financial Services has closed the funding of a $4.3 million construction loan to install a 1.3 MW photovoltaic solar farm on 10 acres of land adjacent to the Neuse River Wastewater Treatment Facility in Raleigh, N.C.
The project will receive payments from the local utility, as the system will be connected directly to the utility grid to provide additional power to local consumers. NxGen Power LLC will develop, manage and own the project.
Once construction is completed later this year, Seminole will also provide permanent financing for the project. The total project cost for this transaction is approximately $6 million.