Seminole Financial Services is to supply a loan for REgeneration Finance to install 3.3 MW of photovoltaic (PV) systems at seven different elementary schools near Phoenix, Arizona, US.

The total project costs are around US$25 million with construction scheduled for completion by end-2011.

REgeneration Finance focuses on financing the development and ownership of solar systems that supply electricity to municipalities, schools and universities.

Seminole and REgeneration previously partnered on a similar $19 million schools project in Colorado.

“REgeneration finance is committed to making available distributed generation solar projects for schools across the country. This will reduce the strain on operating budgets, the importation of foreign oil and increase electricity generation from environmentally friendly sources,” said Laurance Friedman, CEO of REgeneration Finance.

Chris Diaz, senior vice president of Renewable Energy at Seminole Financial Services, said the company planned to do more work with REgeneration Finance, as well as establish a comprehensive programme with construction and permanent financing for the industry.

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