Eastern Bank provides $42m in financing for solar farms

Eastern Bank, a Boston-based bank with $8.6 billion in assets and more than 90 branches, said Tuesday that it has provided $42 million in financing for the creation of four solar farms in Massachusetts and one in New Jersey.

Bob Rivers. Photo courtesy of Eastern Bank.

Collectively, the five farms are projected to generate 17 megawatts of capacity, or enough “green, renewable energy” to provide the annual electricity needs of about to 2,500 homes.

The financing was provided to three firms --- Mark Investments Inc. of Newton, which is working on solar farm projects in Andover and Fall River; Kearsarge Energy LP of Watertown, which is working on a project in Hubbardston; and NuGen Capital Management LLC of Rhode Island, which is working on one project in Massachusetts and another in New Jersey.

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Eastern Bank’s press release included a statement from Massachusetts Department of Energy Resources Commissioner Mark Sylvia, who noted that solar power has been a priority of Governor Deval Patrick’s. During Patrick’s tenure, solar power has been installed in nearly every Massachusetts community, “largely due to smart, effective financing and incentives,” Sylvia said.

In a separate statement, Eastern Bank president and chief operating officer Bob Rivers said, “These financings are another example of Eastern Bank’s commitment to sustainability, which include robust recycling efforts, our purchase of renewable energy certificates, providing eStatements for customers, and much more.”

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