Strathcona Energy Group (SEG), a Canadian-based holding company specializing in vertically integrated solutions for the next generation of photovoltaics, has announced the company has secured $250 US million in construction financing through 1784 Solar, LLC, which is managed by 1784 Capital Holdings.
Strathcona has already secured initial expenditure funding to complete the construction and installation of commercial solar projects by SEG's subsidiaries. The interim loans will primarily benefit Strathcona's EPC provider, which has $85 million in commercial and municipal solar projects to be installed over the next 18 months.
Funding will also be available for the construction of smart energy systems, renewable energy EPC services, as well as manufacturing support for project-specific delivery.
"As solar reaches the mainstream of energy production and is projected to grow another 30% from last year to almost 8GW installed in the U.S. alone, this is the perfect time to have additional short term capital available for our rapidly expanding company," said Karl Hollett, the CEO of Strathcona Energy Group.
"In 1784 Solar, we have found an ideal funding source that thoroughly understands the exponentially growing solar marketplace."
Shane Albers, Chairman and CEO of 1784 Capital Holdings, states, "Strathcona Energy Group has a record of excellence in the energy marketplace. We look forward to funding their continued growth."
