HUNTERSVILLE, N.C., Nov. 8, 2011 (GLOBE NEWSWIRE) -- Lime Energy Co. (Nasdaq:LIME) announced today the closing of a $3.6 million project debt financing for the Zemel Road Landfill Gas to Energy Project in Charlotte County, FL. RBC Bank USA's Knowledge Based Industries group has provided the financing.
Lime Energy began power generation at the landfill in mid-October and the current power output is 2.8 megawatts, enough electricity to power 4000 homes. Initial funding for the project was provided by Lime Energy with no cost to the county or its taxpayers. "From its inception, this renewable project has been designed as a mutually beneficial economic and environmental partnership, and RBC Bank has delivered tremendous value in funding the Charlotte County landfill gas project," said Eric Dupont, President of Lime Energy Asset Development group.
"We are pleased to have been a partner in Lime Energy's development of the Charlotte County landfill gas project with this new credit facility," said Brendan McGuire, Senior Vice President with RBC Bank's Knowledge Based Industries Group. "We have been very impressed with Lime's expertise and execution of this project and are proud to be a contributor in its efforts to produce energy with a limited environmental impact."
For detailed information regarding the loan, interested parties may refer to Lime Energy's most recent Current Report on Form 8-K, which was filed with the SEC on November 7th, 2011.
About Lime Energy Co.
As one of the nation's leading providers of clean energy solutions, Lime brings over 20 years of delivering economically viable efficiency and renewable energy solutions that benefit communities and protect the environment. Lime's platform includes the energy industry's most experienced professionals and an expansive geographic footprint with over 400 employees at 20 locations in North America. Lime Energy's services include integrated energy engineering, consulting and the implementation of solutions that enable customers to reduce their facility's energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at www.lime-energy.com or by emailing info@lime-energy.com.
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About RBC Bank's Knowledge Based Industries Group
RBC Bank's Knowledge Based Industries Group (KBI) is part of RBC Bank USA, a wholly owned subsidiary of Royal Bank of Canada (RY on the TSX and NYSE). The KBI group is a full-service banking team that focuses exclusively on the unique banking needs of technology, life sciences and alternative energy companies. The KBI group provides a suite of products including senior credit facilities, treasury and cash management, investment banking and capital markets, foreign exchange, international trade and merchant services. KBI is stage agnostic, working with companies throughout their life-cycle, including early-stage, growth-stage, buyouts, recapitalizations and publicly-traded companies. RBC Bank's KBI Group serves companies along the East Coast of the US with offices in Boston, Raleigh, Atlanta and Fort Myers.
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," "hope," "intends," "estimates," "plan," "should," "typical," "preliminary," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities in 2011 and beyond to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those described in Lime Energy's most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated here by reference.