BOSTON – Eastern Bank is providing $42 million funding to build four solar energy farms in Massachusetts and one in New Jersey, reported the Boston Business Journal.
The three firms receiving funding are Rhode Island-based NuGen Capital Management LLC, Watertown Mass.-based Kearsarge Energy LP and Newton, Mass.-based Mark Investment Inc.
Eastern is providing half the financing for each project, federal grants will cover roughly 30 percent and the remaining 20 percent will have to be brought in by developers.
NuGen’s projects are located in Swansea and New Jersey, Kearsarge’s are in Hubbardston and Mark Investments’ are located in Andover and Fall River.
The loans will be paid off over 11 years, according to Eastern.