UPDATE: Just Energy Enters Additional Financing Arrangements for Its Solar Business; Stocks Rise 2%
Just Energy Group Inc. (JE.TO) has entered into financing arrangements with Seminole Financial Services, LLC 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.
JE rose 2% to $9.71 but is trading closer to year low $7.86.
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