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Solar and Renewable Energy Financing for Cooperatives by NCB

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia.

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NCB Launches New Lending Program to Finance Solar Energy Systems

National Consumer Cooperative Bank provides long term fixed rate loans to commercial real estate buildings, including housing cooperatives, office, retail, rental housing, warehouse, industrial and community associations nationwide. A Line of Credit can be used to fund short term borrowing needs or unanticipated capital repairs. NCB can also originate a line of credit at the same time of a first mortgage to alleviate any unforeseen capital needs.

NCB, a leading financial services company, has a financing program dedicated to arranging innovative loan packages for customers installing environmentally-friendly solar energy systems nationwide.

NCB Renewable Energy Department

The newly-formed Renewable Energy Department at NCB has been fielding calls from across the country, from leading companies and government organizations, where energy-saving projects have become a top priority.

“Across the country, Americans are hard at work looking for energy alternatives to reduce our dependency on oil and ultimately, our carbon footprint,” said Andrew Kho, Managing Director “At NCB we are proud to be able to provide innovative financial solutions to make these goals a reality, and we will continue to dedicate resources to this very important mission.”

NCB’s Renewable Energy Department has funded over $46.4 million in financing, for such notable projects as Denver International Airport, Macys (Federated) Corporation, The Belmar Center in Lakewood, CO and the Colorado Convention Center.

The success of the program is evidenced in the $11 million financing package NCB arranged for renewable energy supplier MMA Renewable Ventures, to build a 2-megawatt solar project at Denver International Airport, the nation’s fifth busiest airport. The large-scale photovoltaic solar project is expected to generate 3.3 million kilowatt-hours of clean electricity per year for the airport, helping reduce its electricity consumption from the grid. The project developer, MMA approached NCB for the financing because of the Bank’s reputation for creative and tailored loan packages, based on their client’s needs.

“We decided to work with NCB because the solar energy program we crafted required creativity and flexibility,” said Matt Cheney, CEO of MMA Renewable Ventures. “There was very little precedent in the marketplace for the solar project we were creating—or the requisite financing mechanism. NCB took the time to understand our business and our project plan."

He continued, “NCB was flexible and solution-oriented. Inevitably, when creating a complex facility unexpected obstacles emerge. The NCB team worked with us to solve these issues and deliver a funding program that is efficient and scalable.”

NCB has approved and closed a $16 million Renewable Energy Fund Program with Greystone Renewable Energy Ventures, subsidiary of Greystone Capital.

Through this $16MM Renewable Energy Fund, NCB shall provide financing on a number of renewable energy projects throughout the US. The Fund focuses on Investment Tax Credit related renewable energy projects, primarily solar energy, whereby NCB will provide bridge financing of the tax equity investments for specific projects.

This program is another example of NCB's commitment to sustainability and green initiatives.

For more information on NCB’s Renewable Energy Programs, please contact (West Coast) Andrew Kho at (510) 496-2224 (East Coast), Matt Wright at (703) 302-8095.

NCB means National Consumer Cooperative Bank, its subsidiaries and NCB Capital Impact, an affiliated non-profit corporation. Loans and technical assistance may be provided by NCB, NCB Capital Impact or NCB, FSB, all of which are Equal Housing Lenders. NCB, FSB is a wholly-owned subsidiary of NCB. Deposit products and services are provided by NCB, FSB, which is FDIC insured.

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.

To learn more about NCB, visit www.ncb.coop.



Edited by Carolyn Allen, owner/editor of California Green Solutions
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