July 28, 2023 - Initiative Capital invested $150,000 in 510nano, a green technology company that designs cost-competitive renewable energy solutions, to build a seven acre 1.4MW solar farm in Northampton County.
The loan provided funding for land acquisition and working capital for the construction of the solar farm, which will generate clean energy for the community and create jobs both during and after construction.
“We’re looking at the opportunities in the renewable energy arena because we see a need and an opportunity in terms of both the environment and the economy,” said Kevin Harris, president of Initiative Capital. “Solar farms provide an innovative revenue source for landowners, they help our environment and create jobs, and they make available more clean and renewable energy to North Carolinians.”
The 510nano solar farm was energized and field tested on July 8 by Dominion Power, which will purchase the farm’s energy over a 15 year agreement. The farm will generate more than two million kWh of power annually.
For more information on 510nano, visit www.510nano.com. For information on Initiative Capital’s loan products, visit www.ncinitiative.org/financial-investments/loans or contact Harris at 919-835-6004 or kharris@ncinitiative.org.
The N.C. Community Development Initiative leads North Carolina’s collaborative community economic development effort, driving innovation, investment and action to create prosperous, sustainable communities. For more information, visit www.ncinitiative.org.