US-based solar power integrator Greenskies Renewable Energy has secured a $165m financial package from First Niagara Financial Group to fund 127 solar energy projects.

Solar energy

The projects would be built across 12 states, stretching from Maine to California.

Greenskies Renewable Energy president and co-founder Michael Silvestrini said the funds will be used to design and construct photovoltaic solar projects for various commercial and municipal customers.

US Department of Energy’s division Energy Information Administration said that the projects will generate a total of 85 gigawatt hours (GWh) of electricity collectively every year.

According to Greenskies, the latest agreement represents the sixth round of financing completed by the company with First Niagara since 2012.

With assets of $39bn and $28bn in deposits, First Niagara bank operates about 390 branches across New York, Pennsylvania, Connecticut and Massachusetts.

First Niagara vice president and senior relationship manager Peter Thomas said: "First Niagara is pleased to continue developing its relationship with Greenskies, a solar industry leader both in Connecticut and across the region.

"This particular financing vehicle allows the company to leverage additional capital and accelerate the distribution of green renewable energy throughout not only New England, but the entire nation."

Greenskies designs, builds and maintains photovoltaic solar systems that are either operational or are under construction at present and have the potential to produce 200MW of clean electric power.

Image: Greenskies will build the solar energy projects across 12 states, stretching from Maine to California. Photo: courtesy of dan/