KDC Solar, a developer, owner, and operator of solar power facilities recently announced the commencement of construction on a 5.5 megawatt solar power system located in the Bridgeton and Fairfield Townships, New Jersey. The solar project would supply electricity to the adjacent Ardagh Group glass manufacturing facility, producing approximately 7.5 million kilowatt hours of renewable electricity in its first year.
"Ardagh Group is delighted to collaborate with KDC Solar on this renewable project," stated Bertrand Paulet, President and CEO of Ardagh Group's North American Glass division. "Upon completion, our Bridgeton facility will benefit from cleaner, more cost-efficient energy, consistent with Ardagh Group's objective of delivering fully recyclable, sustainable packaging solutions to our customers."
Alan Epstein, President and CEO of KDC Solar added, "We are excited to support the Ardagh Group in its quest to obtain competitively priced clean electricity for its operations. We look forward to a long relationship with this global leader in packaging solutions."
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity were arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
"This represents our second project with KDC Solar in New Jersey. Alan and the KDC team are experienced developers and we look forward to further expanding our project portfolio with them" commented Everett Smith, Managing Partner of GoldenSet Capital. "The KDC Solar team has a deep understanding of energy project development and finance making them an ideal partner for us" adds Rob Pryor, Principal, GoldenSet Capital.
"We're delighted to have provided the financing for another large net metered solar project with KDC Solar and GoldenSet Capital," added Bob Banks, CEO of Seminole Financial Services. "Repeat business is a tenet of our organizational philosophy and this execution proved to be extremely efficient. We look forward to many more successful projects together."
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