Saluda Solar, LLC

USDA REAP Loan Purchase

 
 

Loan Details:

  • 1st Mortgage:
  • $5,000,000
  • Term: 25 years
  • Prepayment Penalty: 10,10,10,10,10,5,3
  • The lender used the USDA REAP program to provide permanent long-term financing for a 10 mW DC solar energy production facility constructed on 58.1 acres of leased land in Saluda, SC for a utility scale solar developer. The power produced by the facility is being purchased under a long-term power purchase agreement by South Carolina Electric and Gas, the largest operating subsidiary of SCANA, with a Moody’s rating of Baa2.

    Background:

    Solar is one of the cleanest, most affordable pathways to energy security. Smaller scale solar farms put clean energy directly into the grid through partnerships with local utilities. Small utility scale ground mounted solar farms require less land and do not tax the environment, making clean energy a viable option for the greatest number of people.

    Thomas USAF is probably the only direct-end investor with both lending and buying experience. Thomas USAF has been a leading secondary market player, catering to lenders making loans to rural businesses through the USDA B&I, CF and REAP programs since 1986. If you are currently a lender making loans to rural businesses or thinking of getting involved in rural businesses, you can seek guidance and take advantage of the expertise of Thomas USAF personnel in navigating the bureaucracy and interest rate environment.