A syndicate of lenders led by JPMorgan Chase Bank has placed more than $221 million in construction financing on the EG Saturn solar project near Newbern, according to a mortgage recorded May 15 in the Perry County probate office.
The Fee and Leasehold Mortgage, Security Agreement, Assignment of Rents and Leases and Fixture Filing, recorded at Mortgage Book 639, Page 219, secures an original principal sum of $221,028,306.82 owed by EG Saturn I LLC and EG Saturn II LLC, two Delaware limited liability companies affiliated with Enfinity Global, a Miami-based renewable energy developer. JPMorgan Chase Bank, N.A., of Chicago, serves as collateral agent for the lenders.
The 72-page instrument was recorded at 8:37 a.m.; a companion UCC financing statement attaching the full mortgage was recorded 13 minutes later at UCC Book 2, Page 808.
Perry County received $323,254.18 in mortgage privilege tax when the instrument was recorded. Hale County received $8,288.57. The split reflects the mortgage’s recital that 97.5 percent of the mortgaged property lies in Perry County and 2.5 percent in Hale County. The recording fees totaled $227 on the mortgage and $176 on the UCC filing.
The mortgage is a future advance construction mortgage under Alabama law, securing letters of credit and construction, bridge and term loans under a credit agreement dated May 5. It is made as of May 5 and was executed April 20 by Ricardo Diaz, identified as an authorized person for both companies, before a notary in Fairfield County, Conn. The credit agreement recited in the mortgage identifies two additional Delaware entities, EG Saturn Borrower LLC and EG Saturn Projectco LLC, as borrowers alongside the two project companies.
The collateral is the land itself. The mortgage encumbers 1,071.641 acres of leased farmland and about 105 acres of purchased land assembled since 2022 from members of the Broussard family and from Eicher Estates, LLC, along Alabama Highway 61 near Newbern, straddling the Perry-Hale county line. It also covers improvements, equipment, rents, insurance and condemnation proceeds, permits and power contracts.
The land assembly began with option agreements effective Sept. 9, 2022, covering roughly 2,000 gross acres across several Broussard households, recorded June 30, 2023, in Perry County Deed Book 635 at Pages 489, 495, 501 and 509. Eicher Estates, which owns adjoining land, granted an option recorded at Book 636, Page 386.
The executed instruments followed in December 2025 and February of this year. Five ground lease memoranda recorded Feb. 2 in Deed Book 640 cover the 1,071.641 leased acres:
- 471.463 acres leased to EG Saturn I by Jim W. and Joyce D. Broussard, as life tenants, and Marty Broussard and Wendell Broussard, as remaindermen (Page 668);
- 214.057 acres leased to EG Saturn II by Charles W. Broussard, Sandra Cole Broussard, Yvette B. Porter and David C. Broussard (Page 696);
- 210.186 acres leased to EG Saturn II by Charles W. and Sandra C. Broussard (Page 657);
- 145.619 acres leased to EG Saturn II by Marty and Wendell Broussard (Page 679); and
- 30.316 acres leased to EG Saturn II by Eicher Estates (Page 689).
The leases run 30 years, and the memorandum at Page 657 recites two five-year renewal options. The rents are not stated on the public record. Lease recording taxes recited on the instruments were $5,193.50, $2,364.50, $2,361.50 and $1,604 on the Broussard leases.
The leases grant the companies exclusive rights for solar generation, collection, storage, conversion and transmission, along with easements covering shadow and flicker, view, noise, vibration and electromagnetic interference.
Recorded deeds show the project companies paid $1,256,375 for land purchased outright. Charles W. and Sandra C. Broussard sold about 8.425 acres to EG Saturn II for $250,000 by deed recorded Dec. 12, 2025 (Book 640, Page 210), with the consideration allocated $180,075 to Perry County and $69,925 to Hale County.
Eicher Estates sold 15.720 acres for $400,000 by deed recorded the same day (Page 224).
Joyce D. Broussard sold 80.850 acres to EG Saturn I for $606,375 by deed recorded Feb. 2 (Page 651), which works out to exactly $7,500 per acre.
Of the recorded purchase money, $856,375 went to Broussard family members and $400,000 to Eicher Estates.
Alabama Power Company is identified in the recorded instruments as the purchaser of the project’s power under two energy purchase agreements effective in October 2023, one for each project company. The project’s substation site sits on a 100-foot strip crossing an existing Alabama Power transmission line easement recorded in 1965 at Permit Book 414, Page 85. By statutory warranty deed recorded March 26 (Book 641, Page 62), EG Saturn II conveyed the substation strip, less a 0.935-acre exception, to Alabama Power.
An agreement recorded Feb. 2 (Book 640, Page 706) subordinated existing mortgages held by The Citizens Bank of Greensboro on the Broussard properties to the solar leases.
The mortgage is cross-defaulted and cross-collateralized with other mortgages executed by the borrowers, indicating companion recordings in other jurisdictions. Disputes under the credit agreement are subject to New York courts, while Alabama law governs the liens on the land. In the event of default, the mortgage’s power of sale requires foreclosure notice to be published once a week for three successive weeks in a newspaper published in each county where the land lies.
County land records reviewed by the Watchman and Times-Standard-Herald do not state the project’s generating capacity or its point of interconnection with the electric grid.
