MassDevelopment’s First Western Massachusetts Green Loan Helps Pro Pel Plastech Install Solar Roof
January 5, 2012
MassDevelopment has provided its first loan in Western Massachusetts from the Green Loan Program – $758,460 â€“ to Pro Pel Plastech in South Deerfield, which manufactures recycled plastic pellets from industrial plastic waste and some post-consumer materials. Those pellets provide raw materials for plastics manufacturers throughout New England. Other services offered there include grinding, densification, and slitting of plastic rolls. The company will use loan proceeds to design, buy, and install a solar roof panel system at its manufacturing building and warehouse in South Deerfield. Pro Pel Plastech expects the panel project to generate a quarter of its annual electricity, reduce utility expenses by 25 percent, and create six jobs.
“This investment is a true win-win for the environment, as Pro Pel Plastech is a recycler using solar energy,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment envisioned this type of project when deciding to expand the Green Loan Program to all for-profit businesses and nonprofit organizations in the Commonwealth that sought to become more energy-efficient but could not access financing.”
MassDevelopment’s Green Loan Program bridges financing gaps between project costs and energy-efficiency rebates or subsidies provided by utility companies and federally sponsored programs. Massachusetts is one of seven states that provides tax credit incentives for solar generated electricity, and Pro Pel Plastech will likely use solar renewable energy credits for the project.
“This is an exciting opportunity, as we will now be manufacturing a green product with green energy,” said Pro Pel Plastech Vice President Joe Nickerson. “This project would not be possible without the help from MassDevelopment. We appreciate the Agency’s guidance through this process.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.