New Generation Energy (NGE), a non-profit organization founded in 1996 to support community-based alternative energy projects, is launching a program that enables individuals, businesses and
foundations to directly finance the creation of renewable energy and
energy efficiency projects.
The Renewable Energy Investment Note (REIN) program is the first of its kind in the U.S.
Renewable Energy Investment Notes are fixed interest, fixed term, debt notes that will be offered in denominations from $1,000 to $1,000,000+. Proceeds from REINs will be used to provide loans that support renewable energy projects including wind, solar, biomass and geothermal, plus energy efficiency projects. The interest rates for these project support loans may be as low as 3.0%, significantly reducing the cost of developing new renewable energy projects for non-profits, municipalities, and community-based for-profit organizations.
New Generation Energy plans to launch the REIN program in 2009 in the six states of New England, and New York State. For this regional launch of the program, New Generation Energy plans to sell $50 million in Renewable Energy Investment Notes, enabling an equal level of support, through low interest loans, for financially sound, community-based renewable energy and energy efficiency projects. A national rollout of the REIN Program will occur after the regional launch is completed.
Chuck Lewin, Director of New Generation Energy, said: "We are delighted that the REIN program will create a way for individuals, businesses, and foundations to directly support increased renewable energy production in the US. By offering below market loans to qualifying community-based renewable energy and energy efficiency projects, NGE will make clean energy more affordable, and ultimately more available."
Loading...