Maximo Solar Industries, which specializes in the development of solar energy projects and in selling major brands of solar storage batteries in Puerto Rico and Florida, became the first company to receive funding from the new Popular Mezzanine Fund.
The Fund was established last year, capitalized by Banco Popular and run by its Popular Securities division, granted the company $5 million, this media outlet confirmed.
“The capital injection solidifies the growth Maximo Solar has experienced in and out of Puerto Rico,” company Founder Maximo Torres said.
“Becoming the first company to be backed by Popular Mezzanine Fund fills us with satisfaction and helps us to continue to transform the lives of present and future generations through renewable energy, he said.
“Puerto Rico’s energy model changed and will become a global energy model, where banks and consumers are an integral part of economic, social and environmental development,” Torres said.
“The solar industry will continue growing on the island, as well as becoming an export bridge for renewable technology and talent throughout the Caribbean and the United States,” he said.
Maximo Solar currently provides services and products in three facilities in Puerto Rico —Aguadilla, Arecibo and San Juan — and two in Florida — Orlando and Fort Lauderdale. It operates Puerto Rico’s first solar equipment manufacturing unit and has installed more than 6,500 solar systems.
Three new sales and distribution locations are in the works for 2018, along with expanding manufacturing, which will generate 40 additional jobs that will be added to the 150 existing jobs.