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SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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December 21, 2023
Source: North Avenue Capital (NAC)
CUYAMA, Calif. — North Avenue Capital (NAC), a leading provider of USDA Rural Development Program financing across America, is pleased to announce the successful closing of a $1.8 million USDA Rural Energy for America Program (REAP) Loan for SEPV Cuyama, LLC (SEPV). As an industry leader, NAC's alignment with the renewable energy sector demonstrates its commitment to bolstering innovation and sustainability across rural America.
SEPV, a dynamic renewable energy company, sought a $1,800,000 REAP Loan with an 80% guarantee from the USDA. This funding was pivotal for its ambitious project aimed at purchasing and installing a 1.586 MWdc single-axis tracking photovoltaic solar module system and a 12 MWh battery energy storage system (BESS) utilizing lithium-ion batteries. Furthermore, SEPV Cuyama has a pending application for an additional $1 million REAP Grant from the USDA, complemented by additional project capital, resulting in a total project investment of $4,498,000.
Justin Gamble, Commercial Lender at NAC, expressed his enthusiasm for the successful deal closure: "We are thrilled to support SEPV Cuyama in its pursuit of renewable energy solutions as a core aspect of its business. North Avenue Capital is excited to partner with the USDA and play a role in advancing clean energy initiatives across rural America. This public-private partnership signifies the future of sustainable energy and economic growth in the region."
California is progressing toward a goal of 100% clean energy by 2045. The county of Santa Barbara launched an on-demand solar permitting process to improve local energy resiliency. SEPV’s solar-powered BESS meets the goals of the county’s sustainable energy initiatives as well as contributing to California’s renewable energy and zero emissions goals for the state.
NAC Vice President and Credit Products Officer, Laura Tucker, further explained, “SEVP Cuyama’s commitment to building distributed energy resources is a crucial step in ensuring energy resilience and reliability. NAC is proud to partner with an innovative group such as SEPV.”
SEPV Cuyama, LLC is owned by B2U Storage Solutions, Inc. (B2U), with B2U serving as the corporate guarantor for the transaction. This collaboration showcases the potential for renewable energy to drive economic development and create a cleaner, more sustainable future for rural communities.
The successful closing of the $1.8 million USDA REAP Loan to SEPV underscores NAC's dedication to supporting rural America's economic growth and environmental sustainability. It marks the beginning of an exciting journey into renewable energy financing and reinforces the agency's commitment to making a positive impact on rural communities.
For media inquiries, please contact:
Kaitlyn Crowder
kcrowder@northavenue.com
317.937.1962
About SEPV Cayama, LLC:
SEPV Cayama, LLC operates a photovoltaic solar and battery storage facility in New Cuyama, California. The company used the loan to construct a solar panel power system to energize the new facility.
About B2U Storage Solutions, Inc.:
B2U Storage Solutions, Inc. is a large-scale solar and energy storage provider using second-life EV batteries. B2U uses a patented EV Pack Storage technology to deploy EV batteries without repurposing costs in large-scale stationary storage. Its energy storage facilities are interconnected near load, providing electricity and grid services when they are needed the most.
About North Avenue Capital:
North Avenue Capital is a direct nationwide commercial lender specializing in USDA Rural Development loans. NAC is a national leader in financing American rural businesses. Through specialized financing solutions, NAC provides capital to empower American enterprises, helping businesses grow and communities thrive.
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SEPV, a dynamic renewable energy company, sought a $1,800,000 REAP Loan with an 80% guarantee from the USDA. This funding was pivotal for its ambitious project aimed at purchasing and installing a 1.586 MWdc single-axis tracking photovoltaic solar module system and a 12 MWh battery energy storage system (BESS) utilizing lithium-ion batteries. Furthermore, SEPV Cuyama has a pending application for an additional $1 million REAP Grant from the USDA, complemented by additional project capital, resulting in a total project investment of $4,498,000.
Justin Gamble, Commercial Lender at NAC, expressed his enthusiasm for the successful deal closure: "We are thrilled to support SEPV Cuyama in its pursuit of renewable energy solutions as a core aspect of its business. North Avenue Capital is excited to partner with the USDA and play a role in advancing clean energy initiatives across rural America. This public-private partnership signifies the future of sustainable energy and economic growth in the region."
California is progressing toward a goal of 100% clean energy by 2045. The county of Santa Barbara launched an on-demand solar permitting process to improve local energy resiliency. SEPV’s solar-powered BESS meets the goals of the county’s sustainable energy initiatives as well as contributing to California’s renewable energy and zero emissions goals for the state.
NAC Vice President and Credit Products Officer, Laura Tucker, further explained, “SEVP Cuyama’s commitment to building distributed energy resources is a crucial step in ensuring energy resilience and reliability. NAC is proud to partner with an innovative group such as SEPV.”
SEPV Cuyama, LLC is owned by B2U Storage Solutions, Inc. (B2U), with B2U serving as the corporate guarantor for the transaction. This collaboration showcases the potential for renewable energy to drive economic development and create a cleaner, more sustainable future for rural communities.
The successful closing of the $1.8 million USDA REAP Loan to SEPV underscores NAC's dedication to supporting rural America's economic growth and environmental sustainability. It marks the beginning of an exciting journey into renewable energy financing and reinforces the agency's commitment to making a positive impact on rural communities.
For media inquiries, please contact:
Kaitlyn Crowder
kcrowder@northavenue.com
317.937.1962
About SEPV Cayama, LLC:
SEPV Cayama, LLC operates a photovoltaic solar and battery storage facility in New Cuyama, California. The company used the loan to construct a solar panel power system to energize the new facility.
About B2U Storage Solutions, Inc.:
B2U Storage Solutions, Inc. is a large-scale solar and energy storage provider using second-life EV batteries. B2U uses a patented EV Pack Storage technology to deploy EV batteries without repurposing costs in large-scale stationary storage. Its energy storage facilities are interconnected near load, providing electricity and grid services when they are needed the most.
About North Avenue Capital:
North Avenue Capital is a direct nationwide commercial lender specializing in USDA Rural Development loans. NAC is a national leader in financing American rural businesses. Through specialized financing solutions, NAC provides capital to empower American enterprises, helping businesses grow and communities thrive.
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