1st Source Bank Announces Financing of 10 Solar Projects in 2017
18 January 2018 - 6:00AM
Business Wire
New team provides equity investment and
financing for solar projects across the country
In its first full year serving the commercial solar industry,
1st Source Bank announced the financing of 10 solar projects in
five states including Indiana, Michigan, Massachusetts, Montana and
Minnesota. Maintaining its community focus, 1st Source has funded
projects that support local elementary schools and universities,
commercial customers, and public utilities throughout the country
and within the Bank’s Indiana and Michigan market. The most recent
solar project in the region is on the Michigan State University
campus in East Lansing, Michigan.
Shelli Alexander, Senior Vice President, Business Banking, adds,
“With the financing of these 10 projects in our first full year, we
have aided businesses, towns, schools, and individuals to achieve
improved environmental efficiency.” Furthermore, “The business
driver for us in this industry is the same for almost everything we
do at 1st Source—the customer. Some customers have mandates to
increase their use of renewable and sustainable sources of energy,
while others just want to save money. Solar allows them to do both,
and 1st Source can help make it happen.”
1st Source Bank provides tax equity investments, as well as
construction and permanent loan financing with a special focus on
smaller scale utility projects. 1st Source has committed itself to
serving the renewable energy industry. The Bank made its commitment
to solar due to the unique needs of smaller commercial clients
around the country, the opportunity to help improve the
environment, and the Bank’s ability to provide tailored equity and
financing options to this group of businesses.
Christopher J. Murphy III, Chairman and CEO, stated, “1st Source
is pleased to contribute to solar renewable energy growth in the
U.S. and values its positive impact on communities – like Kokomo,
Indiana, the location of our first solar project. Solar energy’s
positive impact aligns with our approach to serving our clients and
the communities in which they live. I am proud of the work the
solar team has done thus far by leveraging special skills to help
our solar clients. This team lives our values of helping our
clients achieve security, build wealth, and realize their
dreams.”
For years, 1st Source Bank has provided specialized financing in
a number of niche markets nationwide. This experience provides
transferable knowledge in growing loan portfolios which the bank is
leveraging in solar. Since late 2016, 1st Source Bank has financed
projects with experienced solar developers and other industry
partners in the rapidly growing U.S. solar sector—an industry with
an average annual growth of 68% over the last 10 years, according
to the Solar Energy Industry Association (SEIA).
To learn more about solar financing, contact Russ Cramer, Vice
President of Solar Financing, at cramerr@1stsource.com.
1st Source Corporation, parent company of 1st Source Bank, has
assets of $5.81 billion and is the largest locally controlled
financial institution headquartered in the northern
Indiana-southwestern Michigan area. The Corporation includes 79
banking centers, 23 1st Source Bank Specialty Finance Group
locations nationwide, eight Wealth Advisory Services locations and
10 1st Source Insurance offices. For more than 150 years, 1st
Source has been committed to our mission of helping our clients
achieve security, build wealth, and realize their dreams. For more
information, visit www.1stsource.com.
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