Commerce names lenders for $14.5 million Clean Energy Loan Fund

By: Department of Commerce - Nov 06, 2013
Source: Kitsap Peninsula Business Journal

The Washington State Department of Commerce has announced that Craft3 and Puget Sound Cooperative Credit Union will be awarded grants of $11.6 million and $2.9 million respectively to help individuals and companies finance residential and commercial building energy-efficiency work and renewable energy technology installations. The loan program is the first of Gov. Jay Inslee’s Clean Energy Funds to launch. The Legislature appropriated a total of $65 million across five funds in the 2013-15 state capital budget to support and grow Washington’s clean energy economy.

“This is an important milestone in our efforts to invest in clean energy technologies that save energy, cut energy costs, reduce harmful air emissions, increase energy independence and create jobs in our state,” Inslee said.

“The Clean Energy Revolving Loan Fund will focus on proven technology and efficiency measures, where we can expect immediate benefits in job creation and energy savings, and high potential for attracting private capital to leverage the state’s investment,” Commerce Department director Brian Bonlender said.

“These lenders put forward credible plans to leverage state funds that, if successful, will finance more than $100 million in energy efficiency and renewable energy projects statewide,” he said.

Commerce will execute performance-based contracts with the two nonprofit lenders, and expects loans to be made available beginning in early 2014, if not sooner. Disbursements to the selected lenders will happen in tranches, triggered by performance metrics and matching fund goals identified in the contracts.