Commerce names lenders for $14.5 Million Clean Energy Loan Fund
Craft3 and Puget Sound Cooperative Credit Union selected to manage state revolving loan funds for supporting widespread use of proven building energy efficiency and renewable energy technologies
OLYMPIA, WA – The Washington State Department of Commerce today 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 Governor 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,” Governor 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,” said Brian Bonlender, Commerce Director.
“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,” Bonlender 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.
“Craft3 is honored to be an implementation partner for the Governor’s climate change leadership agenda and pledges its entire team and financial resources to support and finance renewable energy and energy efficiency projects. We are committed to ensuring that Washington’s clean energy economy is an opportunity economy for all,” said John Berdes, President and CEO of Craft3.
“Puget Sound Cooperative Credit Union (PSCCU) is excited to be part of the state’s clean energy revolving loan fund. At PSCCU we believe in energy efficiency, conservation, local economies and the environment, and we have years of experience developing loan programs to support these beliefs. PSCCU recognizes that giving homeowners access to financing at attractive rates and terms, for projects that also reduce energy consumption and improve the environment, is a worthwhile venture. It also speaks directly to PSCCU’s philosophy and the Credit Union creed of people helping people. We look forward to continuing our successful commitment to energy-smart lending throughout the state,” said Shannon Ellis-Brock, Chief Operating Office, PSCCU.