NEW YORK, Feb. 11, 2016 /PRNewswire/ -- Open Energy, an innovative commercial solar debt finance provider, today announced the closing of a construction solar loan totaling $500,000 with Nevada-based Black Rock Solar, a non-profit organization dedicated to helping communities access clean energy. The loan will enable construction of a 550 kilowatt project portfolio, consisting of four elementary schools serving low-income communities across northern Nevada. This project is supported by the Lower Income Solar Energy Pilot Program, mandated by the Nevada legislature and funded by NV Energy.
"It is usually incredibly difficult to get flexible construction funding for smaller sized commercial solar installations like ours, but Open Energy provided us with the opportunity to make these projects a reality," said Patrick McCully, Executive Director of Black Rock Solar. "The Open Energy team is passionate about our mission to promote clean energy, and their simple, straightforward application process coupled with their innovation financing solution made them the perfect partner."
Black Rock Solar is a non-profit organization providing low-cost clean energy services to clients in the the non-profit, public, low-income and educational sectors with a focus on rural and tribal entities. Black Rock Solar has installed over six megawatts of solar power since 2007, providing more than $900,000 of combined savings annually on energy bills.
"Empowering underserved communities with affordable clean energy is an important cause, and we are honored to take part in it by providing loan capital," said Graham Smith, CEO of Open Energy. "We are very excited for students to learn about their school's solar power system, inspiring a generation of clean energy enthusiasts."
Open Energy is reducing the time needed to finance commercial solar by developing an online marketplace lending model that streamlines the application and due diligence process, standardizes documentation and reduces transaction costs. The technology unlocks capital by connecting borrowers looking for non-recourse debt financing with institutional and accredited investors looking for long-term, non-market correlated investments with strong risk-adjusted returns.
About Open Energy
Open Energy provides innovative financing solutions to support the growth of commercial and industrial solar energy infrastructure. Open Energy's financing approach, utilizing an online marketplace to direct investment, is based on a technology-driven underwriting process. For borrowers, Open Energy offers increased access to capital and a time- and cost-efficient loan application process. For institutional and accredited investors, the strict risk methodology offered through Open Energy's proprietary online platform delivers a choice of renewable energy projects that deliver strong risk-adjusted returns. For more information about Open Energy and its loan technology process, please visit www.openenergygroup.com.
About Black Rock Solar
Black Rock Solar provides low-cost, high-quality clean energy services to clients in the non-profit, public, low-income and educational sectors, with a focus on rural and tribal clients. Funds generated from these activities and other fundraising efforts are used to support educational and job training programs; small grants for solar-powered art and community clean energy projects; and other activities to promote clean, renewable energy and energy conservation. Black Rock Solar promotes environmental stewardship, economic development and energy independence by providing not-for-profit entities, tribes and underserved communities with access to clean energy, education, and job training. Learn more by visiting www.blackrocksolar.org.
SOURCE Open Energy