The International Brotherhood of Electrical Workers Local 11 and the Los Angeles Chapter of the National Electrical Contractors Association announced today that a new $300 million Clean Energy Fund has been established to finance new energy solutions projects for their members and contractors by ReNewAll through its exclusive finance partner, Tritec Americas. ReNewAll is a clean energy financial solutions company and a project developer for IBEW Local 11 and LA/NECA.
The fund will finance energy efficiency, renewable energy and energy storage projects for commercial buildings, shopping centers, industrial facilities, multi-family housing, churches and lodging. Financing is available for projects in Greater Los Angeles and across the United States.
“This fund is a key component to our Net Zero Plus initiative and we are pleased with the growth it provides,” said James Willson, Executive Director of LA/NECA, “We are offering a full spectrum of energy solutions from energy efficiency upgrades to building or retrofitting net zero and high performance buildings. The Net Zero Plus Electrical Training Institute provides a highly-trained workforce of energy specialists, testing and demonstrating emerging energy technologies in our living laboratory, and now another avenue to finance projects through ReNewAll’s programs.”
RenewAll specializes in assisting developers and building owners finance projects, which are “cash-flow positive” from day one. Since July 1, 2015, ReNewAll has originated more than $35 million in project term sheets for NECA contractors in Southern California. A recent ReNewAll project that was completed with NECA and IBEW members is the retrofit of the Hilton Los Angeles/Universal City. This $7 million energy efficiency retrofit is the largest, most comprehensive PACE project in the U.S. It has led to annual energy, material and maintenance savings of $800,000.
“We will be offering multiple PACE project financing options as well as power purchase agreements (PPAs) and leases for NECA and IBEW members,” explained Joe Berney, President of ReNewAll. “ReNewAll’s various financing mechanisms allow contractors to deliver solutions to property owners for little to no out of pocket investment.”
“ReNewAll is assisting us to develop large project pipelines and the growth of green jobs in Los Angeles,” said Dick Reed, President IBEW Local 11, “They are securing millions of dollars of work for our members and the contractors that employ them to provide smart energy solutions to our customers.”