New Resource Bank, Enfinity Team Up on Solar Projects
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.”