New Resource Bank has announced that the company and Enfinity, a solar power project developer, are teaming up to expand solar energy production in California and across the US.
New Resource will provide a line of credit and other banking services to support Enfinity’s construction of solar photovoltaic, or PV, installations. Enfinity will develop the installations through a wide range of financing mechanisms, including power purchase agreements, or PPAs.
The announcement comes at a pivotal time for the PV market in the US, as industry analysts predict growth due to increasing demand, more competitive system pricing and the growth of Solar Renewable Energy Credit, or SREC, financing.
“We’re excited to be working with a developer of Enfinity’s stature and reputation,” says Joe Anzalone, New Resource chief banking officer. “Enfinity has considerable knowledge and experience in the area of distributed solar generation, and we see that as a great match with our expertise in customized financing solutions.”
Enfinity will use its New Resource credit line in distributed generation, or DG) projects, in which the host company purchases the energy from the PV installation and uses it directly at the project site.
