Sustainability-focused bank and international solar developer join forces to promote growth of renewable energy use
SAN FRANCISCO, April 14, 2011 — New Resource Bank (OTCBB: NWBN) and Enfinity, a leading international solar power project developer,are teaming up to expand solar energy production in California and across the United States.
New Resource will provide a line of credit and other banking services to support Enfinity’s construction of solar photovoltaic (PV) installations.Enfinity will develop the installations through a wide range of financing mechanisms, including power purchase agreements (PPAs). The announcement comes at a pivotal time for the PV market in the United States, as industry analysts predict strong growth due to increasing demand, more competitive system pricing and the growth of Solar Renewable Energy Credit (SREC) financing (source: The U.S. PV Market in 2011 Whitepaper, GTM Research).
“We’re excited to be working with a developer of Enfinity’s stature and reputation,” says Joe Anzalone, New Resource chief banking officer. “Enfinity has considerable knowledge and experience in the area of distributed solar generation, and we see that as a great match with our expertise in customized financing solutions.”
Rafael Dobrzynski, Americas CEO at Enfinity, says: “As we further develop our portfolio of solar energy projects in North America, construction revolvers like this allow us to accelerate the delivery of operational solar projects.”
Enfinity will use its New Resource credit line in distributed generation (DG) projects, in which the host company purchases the energy from the PV installation and uses it directly at the project site.“It’s a solution that’s growing more popular,” says Dobrzynski, adding, “The host company gets to buy energy at a fixed rate—equal to or lower than retail—for the duration of the PPA. In addition, the company avoids any up-front costs regarding development and construction. Looking ahead, we will be delivering more DG projects because of the forward-looking nature of partners like New Resource.”
About New Resource Bank
New Resource is the premiere bank for people who are leading the way to a more sustainable world. We match an entrepreneurial spirit with a dedication to achieving environmental and social as well as financial returns. Our mission is to advance sustainability with everything we do—the loans we make, the way we operate and our commitment to putting deposits to work for good. Further information is available at the New Resource website.
Founded in 2005, Enfinity is an established leader in the field of commercial solar PV energy, with operations in North America, Europe and Asia-Pacific. The company finances, develops and builds solar PV projects and also owns its own portfolio of renewable energy installations. Enfinity has been selected to build some of the largest renewable energy projects across the globe, with 200 MW installed and operational worldwide. Further information is available at the Enfinity and Enfinity Canada websites.
This press release contains forward-looking statements such as statements about certain expectations and projections, and the bank’s preparedness for the coming year. Forward-looking statements are based on currently available information, are not guarantees of future performance, and are subject to numerous risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates; fluctuations in asset prices, including real estate; inflation; changes in laws or government regulations or policies; general economic conditions, including the real estate market in California; the adequacy of the bank’s allowance for loan losses; and other factors beyond the bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for entire years to differ materially from those indicated. Readers should not place undue reliance on forward-looking statements, which reflect management’s view only as of the date of this press release. The bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.