Weymouth Bank, Mutual Bank, and Abington Bank together provided $3.5 million in financing for this 1.5-megawatt wind turbine, working with Joseph Balboni, owner of Camelot Industrial Park on Route 3 in Plymouth.
Simon Thomas, Project Engineer, talked about the voyage from 2008 to today that he shared with Balboni, saying that one of the key challenges the project faced was funding. He said that big banks rejected the project initially, despite several promising feasibility studies pointing to the potential success of the turbine. It was not until a local independent bank saw the potential that progress happened. Weymouth Bank took the initiative to arrange participation financing by a small group of local banks.
Bob Terravecchia, president of Weymouth Bank, spoke enthusiastically about the project. "This represented an outstanding opportunity for us to partner and help fund a project that will offer a real alternative energy breakthrough for the South Shore.”
Mutual Bank president Bill Morse said, “Community banks have money to lend, and we stand ready to help the many sound local businesses who've been turned away by larger banks."
Morse's views were echoed by Andy Raczka, CEO of Abington Bank, who added, “This is a prime example of how local banks can work together for a great outcome. We were glad to be part of this effort.”
Balboni recalled, “It was a pleasure to deal with these three banks because they were educated and very well-informed. They did their homework, and I give them credit! I was fortunate enough to meet up with a group of bankers who were willing and able to make it happen.”
The financing partners undertook significant due diligence, including researching Camelot’s arrangement with NStar to sell the turbine-generated power. They dug deep into the science behind the proposed Goldwind 1.5-megawatt wind turbine, viewed as superior because of its “direct drive” technology which eliminates the need for multiple gears and hundreds of parts in a traditional turbine gearbox.
It is believed that this is the first such cooperative funding of an alternative energy project in this state by local banks, and certainly in the region.
About Mutual Bank
Mutual Bank is an independent community bank serving consumer and business customers through nine branch offices in southeastern Massachusetts and at www.MyMutualBank.com.
About Weymouth Bank
Weymouth Bank is a full service community bank run by local people serving local people with office locations in Weymouth and Kingston and online at www.WeymouthBank.com.
About Abington Bank
"Earning your trust. Exceeding your expectations. For more information about Abington Bank products and services, please call 781.878.0045 (tel:781.878.0045), or visit online at www.TheAbingtonBank.com. Experience the difference a truly local bank can make!"