BOSTON, June 3 /PRNewswire-FirstCall/ -- Wainwright Bank & Trust Company (Nasdaq: WAIN), a leading socially progressive bank headquartered in Boston, today announced it has provided financing in the form of a construction and term debt facility to GreenBridge Energy Consortium, a leading energy conservation and sustainability solutions provider.
The financing from Wainwright Bank will allow nonprofit organizations to benefit from clean energy generation without the risks of ownership or maintenance. Traditionally, up-front costs have been among the greatest barriers for solar projects. This hurdle is overcome through GreenBridge Energy's turnkey solar installation program.
The credit facility provides the equivalent debt to complete an estimated 2 Megawatts of projects which will produce enough electricity to power more than 250 Massachusetts homes per year and is estimated to yield air quality benefits and annual greenhouse gas reductions equal to taking over 300 cars off the road or planting more than 700 trees.
"Wainwright Bank is pleased to provide financing that will not only benefit nonprofits across the state, but help reduce general energy consumption," said Stephen Pratt-Otto, Vice President, Community Development Lending, Wainwright Bank.
GreenBridge Energy's program is designed especially for nonprofits, which are not eligible for the federal incentives for solar energy systems under the American Recovery and Reinvestment Tax Act of 2009. For the nonprofit client that is interested in renewable energy, GreenBridge Energy is able to provide financing through its funding programs with investors who can take advantage of these federal incentives.
GreenBridge Energy's first project was completed in March at the Boys & Girls Club of Lawrence, Massachusetts. A number of other projects are moving forward including a system on the roof of the gymnasium at The Governor's Academy in Byfield.
"We are excited to bring all of the benefits of clean energy to nonprofits, especially since the current incentives restrict them from directly taking advantage of renewable energy like solar," said Greg Bowden, Chief Operating Officer at GreenBridge Energy. "Although nonprofits may be eligible for some state incentive and grant programs, by themselves these funds are generally not enough to make projects work financially. This is what makes our turnkey solar installation program so attractive to nonprofits throughout Massachusetts."
A majority of GreenBridge Energy's nonprofit solar photovoltaic projects are in the range of 25kW to 250kW. GreenBridge Energy provides the electricity to its nonprofit clients under Power Purchase Agreements (PPAs), through which it is responsible for the design, engineering, installation, maintenance, and ownership of the systems. The host nonprofit pays a discounted rate for the power generated by the system and such rate increases each year at a slower fixed rate than has historically been experienced over the long-term contract.
"The ability to gain consistency for budgeting purposes has been very attractive to our nonprofit project partners," added Bowden. "Plus, we've seen where the onsite presence of 'green' energy provides the nonprofit host with outstanding educational opportunities, as well as tremendous PR and additional resource for fundraising."
About Wainwright Bank
Founded in 1987 and headquartered in Boston, Wainwright Bank is a leading socially progressive bank with assets of over $1 billion and 12 branches throughout Greater Boston. Over 50% of the bank's commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental issues to name a few. Wainwright's commitment to social justice has been widely recognized including being named one of the Top 20 Sustainable Stocks in the world by SustainableBusiness.com and one of the Top 10 Best "Green" Banking Firms by the Social Investment Forum.
About GreenBridge Energy Consortium
GreenBridge Energy Consortium is a private energy conservation and renewable development advisory firm that serves the nonprofit and other tax-exempt sectors in the Northeast and Mid-Atlantic. The firm provides primarily two lines of service targeted principally for its non-profit client base. The first focus of service provides small to midsized renewable energy systems at no cost to the client while offering substantial savings on their long-term electricity needs. The firm's second line of service is to provide unbiased energy conservation consulting, (i.e., audits, baselines and benchmarking) and the implementation of improvements appropriate for the client's needs based upon an affordable energy measurement strategy. The energy conservation and development expertise comes from GreenBridge Energy's engineering and finance team together with its consortium of partners with specialties that complement our offerings, while enabling us to deliver clean energy technologies bundled in comprehensive solutions to our clients. GreenBridge Energy is an affiliate of Global Structured Finance Advisors (GSF Advisors), which is an independent boutique advisory firm that specializes in structuring and arranging large renewable energy financings for investors, developers, and utilities.
Steven F. Young
Senior Vice President
Wainwright Bank & Trust Company
(NASDAQ symbol "WAIN")
Telephone: (617) 478-4000
Chief Operating Officer
E.R. (Ted) Jenkins
Co-Founder and Chairman
GreenBridge Energy Consortium, LLC
SOURCE Wainwright Bank & Trust Company