Construction Commences for 23.5 MW Solar Power Project at Six Flags Great Adventure in Jackson, New Jersey
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility.
BELLEAIR BLUFFS, Fla., Oct. 3, 2018 /PRNewswire-PRWeb/ -- KDC Solar LLC, a leading developer, owner and operator of solar power facilities announced today that it has begun construction on a 23.5-megawatt solar photovoltaic system in Jackson, New Jersey. This system will supply Six Flags Great Adventure with clean renewable energy and virtually all its electrical load at the park. When completed, the project will be the largest net metered solar installation in the State of New Jersey.
The solar facility will produce approximately 30 million kilowatt hours of clean electricity in the first year. Additionally, the environmental benefits of the project will be equivalent to providing power for 2,787 homes for a year or removing approximately 108,000 cars from the road.
Alan Epstein, President and CEO of KDC Solar said, "We are very pleased and proud to have been selected by Six Flags Great Adventure for this groundbreaking solar project. We also want to recognize and thank our partners, GoldenSet Capital Partners and Seminole Financial Services, for providing the necessary capital to build this project."
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity was arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
As a company built on a relationship-first philosophy, we're grateful for the opportunity to work alongside such highly respected organizations as KDC Solar and GoldenSet Capital," said Bob Banks, CEO of Seminole Financial Services. "We're honored to have provided the financing for this monumental project."
"The KDC team has an extensive history of successfully developing significant energy projects and represents an ideal partner for GoldenSet Capital and Alliance Fund II," said Everett Smith, Managing Partner of GoldenSet Capital. "We look forward to the continued expansion of our portfolio with KDC," added Rob Pryor, Principal, GoldenSet Capital.
About KDC SOLAR
KDC Solar develops, owns and operates solar power projects providing commercial, industrials and governments with significantly lower long-term electric costs through solar power. KDC Solar was initially supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC currently owns and operates more than 76 megawatts of solar facilities at 15 different locations and is constructing and permitting more than 70 megawatts of solar projects. For more information, visit http://www.kdcsolar.com
About GOLDENSET CAPITAL PARTNERS
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and invests project finance equity and structured capital in projects and companies in the United States and Canada. For more information, visit http://www.goldensetcapital.com
About NORTH SKY CAPITAL LLC
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN and New York, NY. For more information, visit http://www.northskycapital.com.
About SEMINOLE FINANCIAL SERVICES
Since 2009, Seminole has committed more than $1.5 billion in construction and permanent debt financing plus tax credit equity for more than 190 solar and wind installations throughout the continental U.S. and Hawaii, for the equivalent of over 850 MW in installed capacity. Seminole Financial Services, LLC is the operating entity for the six companies that collectively make up The Seminole Companies. For more information about The Seminole Companies please visit our website at http://www.seminolefinancialservices.com
SOURCE Seminole Financial Services
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