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New Resource helps renewable energy funder grow
November 4, 2010
Sonoma-based Adam Capital Clean Energy Asset Finance is helping to fill what CEO Adam Boucher calls a “renewable-energy funding gap”—a financing void for small to midsized solar, wind and other renewable energy projects.
Property owners who invest in renewable energy upgrades often qualify for government incentives and utility rebates. However, many can’t get the financing needed to install the technology on properties larger than a single-family residence but smaller than a utility-scale commercial site. That’s where Adam Capital comes in.
The company extends short-term collateralized loans for renewable energy installations, including several for bundled residential solar projects. The equipment and the cash value of rebates and incentives, power purchase agreements and lease agreements then serve as collateral. Borrowers repay the loans when they receive their rebate and incentive payments.
New Resource knew the market
When Adam Capital went looking for a banking partner, New Resource Bank was at the top of the list. Boucher had talked with the bank and knew that New Resource understood the funding gap—and wanted to fill it. Most banks, Boucher says, either don’t have the expertise required or are focused on utility-scale projects.
Boucher worked with Matt Scullin, his New Resource relationship manager, to secure a $500,000 loan to fund Adam Capital projects. The partnership has been ideal, says Boucher. “Matt has the experience that’s relevant to what we do. He knows the rules of the game, and that’s important.”
Projects create local jobs and energy resources
With New Resource’s help, says Boucher, Adam Capital is working with a wide range of customers—including agricultural operations and small retailers—on projects that develop renewable energy resources at the local level, create jobs and help reduce our reliance on foreign energy sources.
“I believe New Resource is a leader in rebuilding this country’s economic foundation,” says Boucher, adding, “Their leadership team is about relationships, and in business, relationships are everything. At New Resource, it doesn’t end with the loan; it begins with the loan.”
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