WAKEFIELD, Mass., Nov. 19, 2024 (GLOBE NEWSWIRE) — Agilitas Energy, the largest integrated developer, builder, owner and operator of distributed energy storage and solar photovoltaic (PV) systems in the northeastern U.S., secured financing from 1st Source Bank for national expansion efforts and delivery of reliable and cost-effective renewable energy across the country.
As longstanding financial partners, 1st Source Bank was able to support Agilitas Energy with an agreement that met their needs. The tailor-made solution includes a financing package that consists of both construction loan and tax equity financing. This will help Agilitas Energy connect renewable energy storage projects in Bristol, Vermont, and Patchogue, New York, to the grid. These projects – the first already operational and the latter expected to go live in 2025 – will balance intermittent generation assets like solar and wind and bring reliability to the system.
Meanwhile, the revolving credit facility will finance Agilitas Energy's equipment acquisition costs and interconnection deposits for development phase across the country. A financing partner of the company since 2020, 1st Source Bank is enabling Agilitas Energy to focus its own available capital on growing its project pipeline, ensuring steady momentum.
“1st Source Bank is proud to support Agilitas Energy and its full value chain business model as it continues to deliver renewable energy projects to the grid, benefiting local communities,” said Ryan Fenstermaker, division head of Solar Financing at 1st Source Bank. “The all-in-one debt and tax equity product at 1st Source Bank, along with our flexibility and responsiveness, continues to be innovative in the marketplace, helping to advance the energy sector on a variety of asset classes and financing structures.”
To learn more about how Agilitas Energy can deliver an energy solution or serve as a partner on a renewable project, please visit https://agilitasenergy.com/contact.
About Agilitas Energy
Agilitas Energy is a leading renewables and energy storage company with a mission to accelerate the transition to clean energy on a national scale. As the largest integrated developer, builder, owner and operator of energy storage and solar PV systems in the northeastern U.S., Agilitas Energy manages the entire end-to-end lifecycle of the projects that deliver predictable, cost-efficient, clean energy for off-takers, utilities and municipalities. The company has a U.S. pipeline of more than one gigawatt of renewable energy and energy storage projects as part of its national expansion. To learn more, please visit: https://agilitasenergy.com/.
About 1st Source Bank
1st Source Corporation, parent company of 1st Source Bank, has assets of $8.8 billion and is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. The Corporation includes 77 banking centers, 18 1st Source Bank Specialty Finance Group locations nationwide, nine Trust and Wealth Advisory Services locations, 10 1st Source Insurance offices, and three loan production offices. For more than 160 years, 1st Source has been committed to our mission of helping our clients achieve security, build wealth and realize their dreams. Member FDIC, Equal Housing Lender. For more information, visit https://www.1stsource.com/.
Contact
Liam Sullivan
agilitasenergy@v2comms.com
