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New Resource Bank, Adam Capital join forces to fill critical solar funding gap
July 13, 2011
$3M line of credit will help small-scale renewable energy developers bridge the construction funding gap
SAN FRANCISCO, July 13, 2011 — New Resource Bank (OTCBB: NWBN) has approved a $3 million line of credit for Adam CapitalClean Energy Asset Finance LLC. The funding will allow the solar energy finance firm to extend additional capital to small-scale solar developers throughout the United States, including home owners, small businesses, nonprofits, schools and low-income housing developments.
Adam Capital pioneered asset-based lending for rooftop-scale clean energy developers and has funded hundreds of completed projects with loans in the $500,000 to $5 million range. By providing loans to cover up-front construction and installation costs, Adam Capital enables developers to install solar energy systems that qualify for federal government ITC Grant funds as well as local utility rebates and incentives. Grants, rebates and incentives are directly assigned to Adam Capital to repay the short-term loans.
Adam Capital currently serves 400 to 600 solar projects per month. Backed by New Resource, the firm will be able to fund more projects and developers—and bring the benefits of solar energy to more people—in this underserved market sector, where projects often stall for lack of financing.
“We’re excited to be growing our relationship with Adam Capital,” says Joe Anzalone, New Resource chief banking officer. “As a mission-focused bank with the goal of advancing sustainability and renewable energy, we view Adam Capital and its ability to provide financing to clean energy developers as invaluable. Few private lending institutions have the expertise necessary to provide funding for residential- and small business–scale installations. Given our shared vision for distributed power generation and our shared philosophy to promote sustainable living, we see a great future in our relationship.”
Adam Boucher, founder and CEO of Adam Capital, says: “This line of credit from New Resource Bank demonstrates that Adam Capital has developed lending products, systems and controls that enable us to serve an overlooked market with a level of oversight unparalleled in the marketplace today. Combining our specific expertise in this space with the institutional resources of New Resource Bank allows us to expand our capacity. This relationship will allow us to fund hundreds more projects than we otherwise would have by the end of the year.”
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.
About Adam Capital
Adam Capital Clean Energy Asset Finance LLC is a private investment fund operating solely within the clean energy sector. We extend collateralized loans under $5 million, an important niche within the clean energy finance spectrum that is largely underserved by banks, bond markets or venture capitalists. By leveraging ITC grant payments and other incentives as collateral, we enable our borrowers to install much-needed small-scale clean energy projects. We have had over 300 projects go full cycle across multiple states and utility districts, serving the needs of individuals, schools, nonprofits and businesses. Further information is available at the Adam Capital website.
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.
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