New Resource Bank to grant Adam Capital USD-3m loan
Jul 14, 2011 - US New Resource Bank (OTC:NWBN) said yesterday it would lend USD 3 million (EUR 2.1m) to Adam Capital Clean Energy Asset Finance LLC, which provides financing to small-scale solar developers.
The credit facility will allow Adam Capital to expand its capacity and fund hundreds more projects by the end of 2011. At present, the solar energy finance firm serves 400 to 600 solar projects a month.
Adam Capital provides loans to home owners, small businesses, schools, etc that cover the up-front construction and installation costs for solar power systems. To repay the loans, all grants, rebates and incentives for the projects are then directly assigned to the company. Under that scheme, Adam Capital has financed hundreds of projects with loans of USD 500,000 to USD 5 million.
New Resource Bank is focused on promoting sustainability and renewable energy.