Bridge Bank, a San Jose, Calif., subsidiary of Bridge Capital Holdings, has provided $13 million in funding for several solar installations located in New Jersey, Rhode Island and North Carolina.
SAN JOSE, CA, Mar 20, 2013 (MARKETWIRE via COMTEX) — Bridge Bank, a subsidiary of Bridge Capital Holdings BBNK +2.93% , a full service professional business bank headquartered in Silicon Valley and with offices located nationwide, announced today it recently closed $13 million in funding for several major solar installations located in New Jersey, Rhode Island and North Carolina.
“As a private equity investor in the distributed solar generation space we needed to project finance several commercial roof-top solar installations in one facility,” said Panos Ninios, partner and CEO at True Green Capital Management. “Bridge understood this concept and was able to structure, conduct due diligence and close multiple facilities under one loan agreement in an efficient, cost effective and client friendly manner.” Bridge Bank’s Energy and Infrastructure Group (EIG) provided $7.2 million in funding to True Green Capital Management for the construction of a series of solar facility installations located in New Jersey, and for a solar installation project in Rhode Island that will supply energy to a major international utility that provides power to the consumer and commercial markets in the Northeast.
Bridge Bank also recently provided over $6 million in funding to MP2 Capital for the development and construction of solar power plants located in North Carolina that provide energy to a large investor-owned utility in the U.S. “Bridge Bank’s Energy and Infrastructure Group has been a great partner,” said Jeff Glavan, managing director of MP2 Capital. “The group’s ability to listen, understand, commit and get to financial close differentiates them from other banks. Their willingness to consider and create solutions based on customer needs is what makes them a great partner,” he added.
“We were very pleased to partner with True Green Capital Management and MP2 Capital on their recent projects — both are experienced solar developers who challenged the bank with a complex set of issues,” said Scott Reising, senior vice president in the bank’s Energy and Infrastructure Group. “This recent issuance of credit reinforces the bank’s commitment to providing flexible and creative solutions to businesses across a wide variety of sectors.”
EIG was formed in 2011 to provide funding to solar developers whose projects typically fall within the one to ten megawatt range. Since its founding, EIG has issued over $75 million in loan commitments to developers with projects throughout the U.S. Over the past seven years, Bridge Bank has built a presence in the alternative energy sector. In that time, over $150 million in loans and credit commitments has been extended by the bank to firms engaging in renewable energy and solar projects. Scott Reising, head of EIG, will be speaking at the upcoming Solar Power Finance and Investment Summit on March 20, 2013 in San Diego. For more information, visit http://infocastinc.com/events/solar13.
About Bridge Bank, National Association
Bridge Bank is a full-service professional business bank founded in the highly competitive climate of Silicon Valley in 2001. From the very beginning, our goal has been to offer small-market and middle-market businesses from across many industries a better way to bank. A less bank-like way to bank. We provide a surprisingly broad range of financial solutions, enabling us to meet our clients’ varied needs across all stages — from inception to IPO and beyond. It’s how we go about doing so that differentiates us from our competition.
Learn more at the new www.bridgebank.com. Follow us @BridgeBank.
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