PNC Closes $3.3 Million Solar Project Financing With Integrys Energy Services, Inc.

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PNC provides financing agreement to help Harvard University operate on clean, renewable energy.

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The combined knowledge and expertise of PNC and Integrys made this transaction an easy and seamless operation. We look forward to our continued relationship with Integrys Energy Services.

PNC (NYSE: PNC) and Integrys Energy Services announced today the completion of a $3.3 million solar project financing deal related to photovoltaic units on a Harvard University building. The units will produce over 600 megawatt-hours (MWh) of renewable energy annually.

Integrys Energy Services developed, installed and commissioned the roof-top solar units. The energy produced will be utilized by Harvard for use in the building, which is located in Watertown, Mass. The net price of the energy is currently pegged at or below the cost of power from the grid.

“We see great value in our relationship with PNC as we seek to continue to broaden and expand our delivery of clean, renewable solar energy to current and future customers,” said Joel Jansen, managing director of energy assets at Integrys Energy Services.

PNC is committed to sustainable business practices and provides renewable energy project financing, both short-term and long-term, designed to leverage depreciation, tax credit programs and/or rebates for financing renewable energy projects.

“Integrys is a top provider of solar systems and green equipment, and this agreement further differentiates them as an industry leader,” said Dick Rai, manager, PNC Equipment Finance. “The combined knowledge and expertise of PNC and Integrys made this transaction an easy and seamless operation. We look forward to our continued relationship with Integrys Energy Services,” Rai continued.

The PNC Financial Services Group, Inc. (http://www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

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Tim Rice
The PNC Financial Services Group
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