Washington, DC (October 1, 2008) — NCB, a leading financial services company, has launched a new financing program dedicated to arranging innovative loan packages for customers installing environmentally-friendly solar energy systems nationwide. 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.”
In the last six months alone, 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 recently 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.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.
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.