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.