Bridge Capital refinances California solar facilities of Perpetual Energy

Bridge Capital Holdings (NASDAQ: BBNK), whose subsidiary is Bridge Bank, announced Jan. 28 that it has provided Perpetual Energy Systems, an independent power producer, with $28m to refinance multiple solar power plants in California.

These solar projects provide power across the state to school districts and universities, including California Institute of Technology and Santa Clara University. Other beneficiaries include Siemens Transportation Systems, various municipalities, and one of the largest collections of winery installations in Napa Valley under the Treasury Wine Estates name, including Beringer, Stag’s Leap, and Asti.

“Bridge Bank is proud of its ongoing partnership with Perpetual Energy,” said Andre Zaffuto, vice president in Bridge Bank’s Energy and Infrastructure Group. “They brought us an enviable collection of well-built assets across California backed by solid power purchase agreement off-takers and we are excited to support the expansion of renewable energy in California.”

“Perpetual takes on the economic risk of every solar project we build in order to provide our clients immediate cost savings when they switch over to clean and renewable energy,” said Charles Allen, of Perpetual Energy Systems. “In order to do that we need a financing partner who is agile and who knows the clean energy space – and that partner is Bridge Bank.”

Bridge Bank is a full-service professional business bank founded in the highly innovative climate of Silicon Valley in 2001. Bridge Capital Holdings is the holding company for Bridge Bank. It was formed in 2004.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.