Two Garden State clean energy businesses received funding through the New Jersey Clean Energy Loans (NJ CELs) Program.

Funds to Asbury Park-based Solar Landscape and Monmouth Junction’s Amergy Solar Inc. total $10.5 million. Approved earlier this year, the New Jersey Economic Development Authority (NJEDA) announced their closings this week.

The NJEDA launched the $80 million initiative to support small businesses seeking to finance clean energy projects. Additionally, NJ CELs aids with the formation or expansion of clean energy enterprises. Funding comes via the American Rescue Plan’s State Small Business Credit Initiative (SSBCI).

NJ CELs offers loans of $250,000 and $10 million with a term of one to 25 years. The funds must be matched at least dollar for dollar with capital from financial institutions.

Solar Landscape received a $10 million loan from the NJEDA as well as $10 million in funds from M&T Bank. Meanwhile, Amergy Solar received a $500,000 loan alongside a $500,000 match from Columbia Bank.

‘Driving the economy forward’

Solar Landscape develops and operates community solar projects. The company plans to use the $2o million to create 185 new field and office jobs – in direct and indirect hires – over the next five years to support the company’s continued expansion.

“This is a great example of how investment in community solar creates jobs, reduces energy costs, and fights climate change,” said Solar Landscape CEO and co-founder Shaun Keegan. “We’re grateful for this collaboration with the Murphy administration, NJEDA, and federal government. By leveraging federal resources in New Jersey – we’re driving the economy forward, improving the lives of residents and advancing clean energy.”

NJEDA Chief Executive Officer Tim Sullivan said NJ CELs was developed with the purpose of helping small businesses and furthering the governor’s vision for a cleaner, greener Garden State.

“With support from this program, businesses such as Solar Landscape can continue to invest in transformative clean energy projects, which will lead to job creation, expanded access to solar energy, and savings for New Jersey residents,” said Sullivan.

“The NJ CELs program will support major clean energy projects and initiatives that will transform communities, boosting our economy, and improving our environment across the entire state,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello.

More information on NJ CELs is available here.