1st Source Bank Announces Financing of 10 Solar Projects in 2017

New team provides equity investment and financing for solar projects
across the country

SOUTH BEND, Ind.–(BUSINESS WIRE)–In its first full year serving the commercial solar industry, 1st Source
Bank announced the financing of 10 solar projects in five states
including Indiana, Michigan, Massachusetts, Montana and Minnesota.
Maintaining its community focus, 1st Source has funded projects that
support local elementary schools and universities, commercial customers,
and public utilities throughout the country and within the Bank’s
Indiana and Michigan market. The most recent solar project in the region
is on the Michigan State University campus in East Lansing, Michigan.

Shelli Alexander, Senior Vice President, Business Banking, adds, “With
the financing of these 10 projects in our first full year, we have aided
businesses, towns, schools, and individuals to achieve improved
environmental efficiency.” Furthermore, “The business driver for us in
this industry is the same for almost everything we do at 1st Source—the
customer. Some customers have mandates to increase their use of
renewable and sustainable sources of energy, while others just want to
save money. Solar allows them to do both, and 1st Source can help make
it happen.”

1st Source Bank provides tax equity investments, as well as construction
and permanent loan financing with a special focus on smaller scale
utility projects. 1st Source has committed itself to serving the
renewable energy industry. The Bank made its commitment to solar due to
the unique needs of smaller commercial clients around the country, the
opportunity to help improve the environment, and the Bank’s ability to
provide tailored equity and financing options to this group of
businesses.

Christopher J. Murphy III, Chairman and CEO, stated, “1st Source is
pleased to contribute to solar renewable energy growth in the U.S. and
values its positive impact on communities – like Kokomo, Indiana, the
location of our first solar project. Solar energy’s positive impact
aligns with our approach to serving our clients and the communities in
which they live. I am proud of the work the solar team has done thus far
by leveraging special skills to help our solar clients. This team lives
our values of helping our clients achieve security, build wealth, and
realize their dreams.”

For years, 1st Source Bank has provided specialized financing in a
number of niche markets nationwide. This experience provides
transferable knowledge in growing loan portfolios which the bank is
leveraging in solar. Since late 2016, 1st Source Bank has financed
projects with experienced solar developers and other industry partners
in the rapidly growing U.S. solar sector—an industry with an average
annual growth of 68% over the last 10 years, according to the Solar
Energy Industry Association (SEIA).

To learn more about solar financing, contact Russ Cramer, Vice President
of Solar Financing, at [email protected].

1st Source Corporation, parent company of 1st Source Bank, has assets of
$5.81 billion and is the largest locally controlled financial
institution headquartered in the northern Indiana-southwestern Michigan
area. The Corporation includes 79 banking centers, 23 1st Source Bank
Specialty Finance Group locations nationwide, eight Wealth Advisory
Services locations and 10 1st Source Insurance offices. For more than
150 years, 1st Source has been committed to our mission of helping our
clients achieve security, build wealth, and realize their dreams. For
more information, visit www.1stsource.com.

Contacts

1st Source Bank
Sara Jenning, 574-235-2128