R.I. Commerce Corp. approves $300,000 loan to rTerra

The R.I. Commerce Corporation on Thursday approved a $300,000 Renewable Energy Fund loan to Middletown solar energy startup rTerra PV Solutions LLC. The Renewable Energy Fund finances renewable-energy business ventures and innovative development through a surcharge on electric customers’ bills. More

To continue reading this article, please do one of the following.



energy

R.I. Commerce Corp. approves $300,000 loan to rTerra

BLOOMBERG FILE PHOTO/KEN JAMES
THE R.I. COMMERCE Corporation has approved a $300,000 loan to startup company rTerra PV Solutions LLC under the state's Renewable Energy Fund. RTerra assembles photovoltaic solar arrays designed to be less expensive and easier to install than traditional solar farms.
Posted 2/7/14

PROVIDENCE – The R.I. Commerce Corporation on Thursday approved a $300,000 Renewable Energy Fund loan to Middletown solar energy startup rTerra PV Solutions LLC.

The Commerce Corporation’s board of directors had previously granted provisional approval of the loan on the condition that rTerra provide additional financial information and satisfy concerns of some lending subcommittee members about the risk involved.

On Thursday, the three-member subcommittee met in executive session with rTerra, and based on that session unanimously voted to approve the loan, according to R.I. Commerce Corporation spokeswoman Melissa Czerwein.

The Renewable Energy Fund finances renewable-energy business ventures and innovative development through a surcharge on electric customers’ bills. Under the terms of the loan, rTerra would begin paying the loan back after six months of positive cash flow, or if the company moves out of Rhode Island or is sold.

RTerra assembles, sells and services flexible photovoltaic arrays designed to be less expensive and easier to install than traditional solar farms.

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement