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$3.1 Million MassDevelopment Bond Supports Twelve Solar Power Projects Across Massachusetts
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Commonwealth to Install 1MW of Solar Power, Will Save $180,000 in Annual Energy Costs, Reduce Yearly CO2 Emissions by 500 Tons November 13, 2007 Contact: Adam Bickelman, MassDevelopment, 617-330-2086 MassDevelopment today announced the closing of $3,129,300 in federally-sponsored Clean Renewable Energy Bonds (CREB) issued on behalf of the Commonwealth of Massachusetts to support the installation of photovoltaic cells at twelve facilities across the state. By participating in the no-interest bond program, Massachusetts will save more than $1,000,000 in borrowing costs along with $180,000 in annual energy costs, while reducing the amount of carbon dioxide released into the atmosphere by 500 metric tons each year. (*Complete project list follows.) "Thanks to these CREB bonds and other state support, we will be able to increase installed solar power at state facilities fivefold, and total solar capacity statewide by nearly 25 percent, with the bonds paid off by the energy savings made possible by the solar panels," said Secretary of Energy and Environmental Affairs Ian Bowles. "Governor Patrick and I consider the CREBs bonds issued by MassDevelopment an essential tool for helping state agencies invest in renewable energy and lead by example toward a clean energy future for the Commonwealth." Created by the Internal Revenue Service in January 2006 as part of the Energy Policy Act of 2005, the CREBs program encourages the development of new renewable energy projects across the country by facilitating zero-interest loans for the states, cities and towns that undertake such projects. With a conventional bond, the borrower must pay interest to the bondholder. However, with a clean renewable energy bond, the borrower is not required to make interest payments because the bondholder receives a tax credit from the federal government in lieu of interest income. "Given the comparatively small bond amounts and unique funding structure, many states around the country are finding it difficult to bring CREB issues to market and realize the benefit of zero-interest financing for their solar power projects," said Robert L. Culver, MassDevelopment president/CEO. "That’s why it made sense for the state’s multi-agency energy team to partner with MassDevelopment – one of the Commonwealth’s primary bonding authorities – to unify these twelve important projects and get the critical mass needed to attract investor interest and reduce issuance costs." MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. From FY 2004 through FY 2007, MassDevelopment financed or managed 796 projects statewide representing the investment of more than $6.5 billion in the Massachusetts economy. These projects are supporting the creation of 6,793 new housing units and over 39,000 jobs: 16,396 permanent and 22,619 construction-related. Project Listing:
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