Crestmark has supplied sale-leaseback financing for three 500kW (AC) solar projects in Vermont by Alternative Energy Development Group and affiliated company SolarSense on a power purchase agreement basis.

The first project, located at the Vermont Northeast Corrections Complex in St. Johnsbury closed and funded in the Q4/14 for $2 million. The second project for the state’s correctional facility in Springfield and the state office complex closed June 30, 2015 for $1.7 million. The third project is scheduled to close in August. All Earth Renewables, a Vermont-based manufacturer, a full-service engineering, procurement and construction firm, partnered with SolarSense on the projects.

“We’re excited about being able to help this company, and the growing alternative energy industry,” said Larry Pearce, senior vice president, managing director of Corporate Joint Ventures. “The AEDG team is solid with a great reputation, and we look forward to working with them as they move forward and develop future projects.”