Bristol, RI, Feb. 10, 2014 – NuGen Capital Management announced that it has recently partnered with Eastern Bank to finance over $27 million of solar projects in Massachusetts. The electricity generated by the projects is sold to Municipalities, universities and small business in Massachusetts. The projects are all operational and bring NuGen’s Massachusetts SREC1 solar portfolio to over 17MW.

“These Eastern Bank financed projects create jobs and enable academic institutions, municipalities and small businesses to reduce their carbon footprint and their electricity bill. Eastern Bank’s deep understanding of solar markets makes them a longstanding and great partner of ours as we continue to invest in the renewable energy sector,” said Daniel Poydenis, Managing Director and General Counsel at NuGen Capital.

“In addition to a significant financial investment, NuGen Capital brings years of experience and expertise to the development of large-scale solar installations. Eastern Bank has provided more than $90 million in loans for the construction of solar farms in the Commonwealth of Massachusetts,” said Steve Pratt-Otto, Senior Vice President of Eastern Bank.

About NuGen Capital
NuGen Capital Management owns, operates and develops renewable energy projects and invests in real estate conducive to energy generation. NuGen invests in grid connected and behind the meter utility and large scale solar projects. Real estate investments include large parcels of land and commercial properties where solar energy and battery storage are viable. Based in Rhode Island, NuGen seeks opportunities where renewable energy policies encourage job creation and energy sustainability.

About Eastern Bank
Founded in 1818 and based in Boston, Eastern Bank is the largest and oldest mutual bank in the country, with $9.5 billion in assets and more than 100 branches serving communities in eastern Massachusetts and southern and coastal New Hampshire. Eastern Bank offers banking, investments and insurance all under one roof, and prides itself on working harder to understand its customers’ needs so it can deliver these services in a committed and personal way. Eastern Bank, which includes Eastern Bank Wealth Management and Eastern Insurance, is a recognized leader in corporate social responsibility and for its advocacy on behalf of a number of social justice causes. For more information, visit: or

Karen Zagorski
Director of Operations

Andrew Ravens
Director of Public Relations

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