PASH Global refinances $15M solar energy project with Oriental
PASH Global, a solar energy provider in Puerto Rico, refinanced the first batch of 200 photovoltaic solar installations at Puma Energy gas stations on the island. Initially, PASH fully financed the project with its own capital before Oriental Bank refinanced the project with $15 million in financing.
“We’re proud to support PASH, and its internationally experienced operational and financial team, in establishing this valuable distributed generation project, which marks an important milestone towards the implementation and financing of commercial renewable energy projects that contribute to Puerto Rico’s transition to sustainable green energy solutions,” said Patrick Haggarty, general manager of Commercial Banking at Oriental Bank.
The refinancing will be used to pay for future project development and construction activities, marking an “important milestone in the Puerto Rico market as the first line of credit for a large-scale distributed generation renewable energy project,” Oriental officials said.
“The refinancing shows the leadership of PASH and Oriental in demonstrating the profitability of these projects in Puerto Rico,” the financial institution further stated.
PASH CEO Kofi Owusu-Bempah said, “The strong commitment of our financial partner, Oriental Bank, is a testament to their confidence in our ability not only to develop but also to execute a highly complex distributed generation strategy in a challenging market. We are grateful to Oriental for their unwavering support.”
Meanwhile, Jeffrey Blege, projects director at PASH, said, “The Oriental team has shown great willingness to act as a true financial partner in this innovative project.”
“Working closely with the team in executing this refinancing has demonstrated Oriental’s desire to be a leading part of the solution to Puerto Rico’s green energy transition,” said Blege.