Commerce grants $3 million from Clean Energy Fund to Nonprofit Lenders
Craft3, Puget Sound Cooperative Credit Union and Washington State Housing Finance Commission revolving loan funds encourage home renewable energy and heating projects; commercial and industrial energy efficiency retrofits, clean tech manufacturing, electric vehicles
Olympia, Wash. — The Washington State Department of Commerce today announced $3.1 million in grant awards from the 2018 Clean Energy Fund (CEF) Revolving Loan Fund Program to three nonprofit lending partners. Craft3, Puget Sound Cooperative Credit Union and the Washington State Housing Finance Commission make loans to advance commercial and residential energy efficiency and solar projects, including electric vehicles.
- Craft3 is receiving $1,431,735 to fund renewable energy and heating projects, commercial and industrial energy efficiency retrofits and clean technology manufacturing.
- Puget Sound Cooperative Credit Union is receiving $1,295,611 for loan loss reserves to support Energy-Smart loans, which includes renewables and electric vehicles.
- Washington State Housing Finance Commission is receiving $376,654 for energy retrofit loans to projects in multifamily housing and buildings owned by non-profit organizations.
“The State of Washington is a leader in developing clean energy resources for the 21st Century economy. Craft3 is thrilled to expand our partnership and build on the millions of dollars we have invested with Clean Energy Fund support since 2013,” said Adam Zimmerman, President and CEO of Craft3. “Together, we will accelerate investment in renewable energy, efficiency and cleantech manufacturing companies. We are grateful that Gov. Inslee recognizes that access to capital is critical to our state’s clean energy future,” he said.
“Investments in clean energy technology are strengthening communities by building a low-carbon economy by saving energy costs for families and businesses, and providing good jobs and energy security for our future,” said Brian Bonlender, Washington State Department of Commerce director. “Washington state is among the nation’s leaders who recognize that inaction is not an option. Gov. Inslee and our Pacific Coast Collaborative partners Oregon, California and British Columbia, are at the Global Climate Action Summit this week sharing successes from initiatives such as our Clean Energy Fund.”
The Clean Energy fund Revolving Loan Fund Program supports the widespread use of proven energy efficiency, renewable energy and transportation electrification technologies that have been inhibited by lack of access to capital. At least 50 percent of lending capital from the selected applicants must be from private sources.
For more information about this and other programs of the Washington State Clean Energy Fund visit https://www.commerce.wa.gov/growing-the-economy/energy/clean-energy-fund/ .