Wednesday, January 02, 2013
TORONTO, ONTARIO--(Marketwire - Jan. 2, 2013) - Just Energy Group Inc. (TSX:JE)(NYSE:JE) is pleased to announce that its subsidiary's solar business ("Hudson Energy Solar"), has entered into financing arrangements with Seminole Financial Services, LLC ("Seminole") and another institutional lender. The initial funding is for several solar projects under development in New Jersey. This financing arrangement will allow Hudson Energy Solar to complete the projects as well as utilize much of the tax incentives available for renewable energy projects.
As part of the financing, Seminole has provided construction financing of approximately $12 million and a debt facility of approximately $6.5 million. Additionally, as part of the structure, an institutional lender has provided an aggregate investment of approximately $7 million with respect to the projects. The Seminole construction loan will be repaid from the proceeds of the permanent debt facility and the institutional investment. The financing structure has the capability to be used to support additional solar projects, supporting the continued growth of Hudson Energy Solar.
Ken Hartwick, Just Energy's President and CEO states "We are very pleased to have closed this funding arrangement and are excited for the continued development of our solar projects. These projects will provide clean, efficient, and reliable solar electric power to elementary, middle and high schools located in New Jersey."
CohnReznick LLP acted as an advisor to Hudson Energy Solar on the transaction.
Just Energy Group Inc.
Established in 1997, Just Energy is primarily a competitive retailer of natural gas and electricity. With offices located across the United States, Canada and, commencing in July 2012, the United Kingdom, Just Energy serves close to 2 million residential and commercial customers through a wide range of energy programs and home comfort services, including fixed-price or price-protected energy program contracts, the rental of water heaters, furnaces and air conditioners and the installation of solar panels. The Company's JustGreen® products provide consumers with the ability to help them reduce the environmental impact of their everyday energy use. Just Energy is the parent to Amigo Energy, Commerce Energy, Hudson Energy, Hudson Energy Solar, National Home Services, Momentis, Tara Energy and Terra Grain Fuels.
Hudson Energy Solar
Hudson Solar provides commercial customers with the ability to receive solar power through panels installed on roof-tops or ground mounts in the States of New Jersey, Pennsylvania and Massachusetts.
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