CGC in the News: DOE Loan Program Could Benefit Green Banks

A recent story by Jackie Toth in Morning Consult explores ways that Green Banks could benefit from proposed modifications to a loan guarantee program currently available through the Department of Energy. A bill, reintroduced by Sen. Lisa Murkowski, would specify that “state-based lenders” (which would include Green Banks) would have access to the loan guarantee program.

The story quotes CGC Executive Director Jeff Schub:

It is increasingly common to create green banks as nonprofits that are still connected to state governments, said Jeff Schub, executive director of the Coalition for Green Capital. Murkowski’s bill would also allow the participation of groups like Michigan Saves, which is a nonprofit green bank initially created by a state grant.

The bill would also exempt state financing entities from a requirement that an eligible project use “new or innovative” technology. This could help to streamline a review process that could otherwise last weeks or months, and give a wider range of project types access to the program.

For more details, see the full story from Morning Consult here.

For more on the accomplishments of state and local Green Banks in the US, see the Annual Industry Report of the American Green Bank Consortium.

 

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