With this program we’re taking what was considered a luxury good – solar power – and bringing it to the people who need it most. We’re thrilled to be part of rebuilding New Orleans as a safer, more sustainable city.
(PRWEB) October 25, 2011
Adam Capital Clean Energy Asset Finance LLC, a leader in the clean energy lending space, has agreed to extend $1 million to Sustainable Environmental Enterprises (SEE) of Louisiana, a community-development organization that is financing solar for disadvantaged communities in New Orleans. The loan will finance rooftop solar panels for over 85 low-income homes, and help SEE become one of Louisiana’s leading solar providers to low-income communities.
After Hurricane Katrina, the state of Louisiana recognized the important role solar power can play in making communities less vulnerable to extreme weather events. The state has offered premium solar incentives to help rebuild communities like New Orleans, but local homeowners and organizations have struggled to secure financing.
Adam Capital, a leading private investment fund in the renewable energy sector, provides much-needed investment capital for clean energy projects, thereby solving a critical funding gap in the market. The company recognizes that solar financing is especially significant for low and moderate income households, who spend a higher percentage of their income on energy but cannot afford to own solar.
“With this program we’re taking what was considered a luxury good – solar power – and bringing it to the people who need it most,” says Adam Boucher, CEO of Adam Capital. “We’ve financed solar for schools, churches, and businesses, but we’re especially thrilled to be part of rebuilding New Orleans as a safer, more sustainable city.”
SEE’s solar financing allows people on fixed incomes to get fixed energy costs. With affordable solar leases, participants in the SEE program can lock in lower-than-utility energy prices for years to come, with projected savings up to $58,000 over the life of the system.
Additionally, customers with medical needs can finance battery systems to provide back up power during storms or power outages for up to three days. SEE has also negotiated unique insurance packages specifically for their customers to cover the full replacement cost of panels damaged or destroyed by storms. Given the historic population of homes in New Orleans, in many cases these solar panels will actually improve the quality of customer's roofs.
“With these funds from Adam Capital, SEE is making sure that clean affordable energy goes to people who wouldn’t otherwise be able to get it,” says Lea Keal, CEO of SEE. “This loan allows us to expand our programs serving communities of color, and low to moderate income homeowners. There is a very real need in this community, but we didn’t have the dollars to serve this constituency until now. Thanks to Adam Capital, we’re literally leveling the playing field so the green revolution doesn’t pass by communities disadvantaged by lower incomes.”
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 $10 million, an important niche within the clean energy finance spectrum that is largely overlooked by banks, bond markets or venture capitalists. By leveraging ITC grant cash payments and other local incentive rebates as collateral, we enable our borrowers to install much needed community-scale clean-energy projects. We have funded hundreds of projects in multiple states and utility districts, serving the needs of individuals, schools, non-profits, and businesses.
About Sustainable Environmental Enterprises (SEE):
SEE is a Louisiana company working to rebuild New Orleans by making housing more affordable with renewable energy. The company’s partners have experience in community development, housing finance, and sustainable building practices. They were an IDEACorps Innovation Award winner in 2009, and are supported by the Rockefeller Foundation. In 2010, SEE installed the first renewable energy project on a commercial building to be jointly approved by the US Green Building Council and the National Trust for Historic Preservation. In 2011, SEE was invited to the White House to participate in a roundtable discussion on Building an Impact Economy in America.
For additional information contact:
Larry Farris – Senior Loan Operations
Adam Capital Clean energy Asset Finance LLC
Lea Keal – Chief Executive Officer
Sustainable Environmental Enterprises