Oct 16 2008
New Generation Energy (NGE), a non-profit organization that supports community-based renewable energy projects, today announced that it will be launching a Project Development Initiative (PDI) to provide low interest loans to support community solar, wind, biomass, and efficiency projects.
New Generation Energy's PDI seeks to invest in the development of community based renewable energy projects in New England and New York by providing loans of $25K - $2.5M with interest rates as low as 3.0%. Eligible projects include those based at community colleges, universities, primary and secondary schools, hospitals & health care clinics, non-profits, businesses, designated low income housing, and municipal or public buildings.
Typical terms for these loans are between 3 and 10 years in length. Funds are invested directly in specific projects, or through partners such as community banks, ESCOs (Energy Service Companies), regional energy initiatives, or other project investors. Loans are available for projects which utilize solar-PV, solar-thermal, wind, biomass, and cogeneration capacity, as well as loans which support energy efficiency improvements.
Funds for NGE's community project investments come from the sale of Renewable Energy Investment Notes. These investments are fixed interest, fixed term, debt notes that are offered in denominations from $1,000 to $1,000,000+. Proceeds from REIN's are used to provide loans that significantly reduce the cost of developing renewable energy projects for non-profits, municipalities, and community-based businesses.
Chuck Lewin, Director of New Generation Energy, comments: "NGE's Project Development Initiative will serve as a catalyst for increasing renewable energy production in the US. By offering below market loans to qualifying community-based renewable energy and energy efficiency projects, NGE will make clean energy more affordable and available."