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EDB Closes Financing On $283.5K Solar Energy Project

Economic Development Bank (EDB) President Joey Cancel and José Maeso, director of the State Office of Public Policy on Energy (OEPPE by its Spanish acronym) signed Dec. 8 the first closing of a new renewable energy financing product created under an alliance forged between the two entities.

“This new product was designed as part of a initiative to promote energy savings and support local entrepreneurs. Together, EDB and OEPPE created this new financing offering aimed exclusively at the acquisition of renewable energy equipment for commercial purposes,” Cancel commented. “Today we formalized and disbursed the first case under this alliance, and we hope to continue impacting our small and midsize businesses providing these the necessary capital to achieve savings in their operations’ energy costs.”

The client, which asked to remain anonymous, obtained financing for $283,500 for the installation of a solar energy system for a business that sells agriculture and construction equipment in the municipality of Bayamón.

The company employs 23 individuals directly and another 46 indirectly.

The renewable energy project will supply 100 kilowatts, representing an annual savings to the business of $38,000, at a rate of 25 cents per kilowatt-hour.

Cancel noted that from the first day the system is operational, the business will have a positive cash flow, because even with the monthly loan payment, it will pay less for electricity than it currently pays.


Category/ies:News, Renewable Energy, REPORTS, Solar Energy.
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