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Eastern Bank Gives $42M To Support Renewable Energy

Jul 17, 2013 | Reprints | Unlock Link | Print

Boston-based Eastern Bank has provided $42 million in financing for the creation of four solar farms in Massachusetts and one in New Jersey.

These five farms will generate green, renewable energy sufficient to provide electricity to 2,500 homes in Massachusetts annually.

The financing was provided to three firms: Mark Investment Inc. of Newton, which is working on two solar farm projects in Andover and Fall River, Kearsarge Energy LP of Watertown, which is working on one project in Hubbardston, and NuGen Capital Management LLC of Rhode Island, which is working on one project in Massachusetts and one in New Jersey.

"It is core to Eastern’s business to do well financially by ‘doing good’ socially wherever we can," Stephen Pratt-Otto, senior vice president of community development lending at Eastern Bank, said in a statement. "We are enormously proud of the solar developers who are pioneering this industry."

Banking & Lending