The financing has been provided to three firms, including Mark Investment, Kearsarge Energy, and NuGen Capital Management that will develop the proposed solar farms.
Of all the five solar power facilities, four of them will be located in Massachusetts and one will be in New Jersey.
The solar farms being developed, totaling 17MW are expected to generate clean energy, enough to power around 2,500 homes in Massachusetts per year.
Commenting on the transaction, Eastern Bank president and chief operating officer Bob Rivers said that the new financing for solar power projects demonstrates the bank’s commitment to sustainability, which include robust recycling efforts, purchase of renewable energy certificates, providing e-statements for customers and many more.
Massachusetts Department of Energy Resources Commissioner Mark Sylvia said, "Under Governor Patrick, solar power has been installed in nearly every Massachusetts city and town, largely due to smart, effective financing and incentives.
"Our clean energy revolution is tapping local renewable energy sources, adding jobs, creating savings, and helping preserve our environment."
